Bitcoin briefly taps $87,000 after weak US jobs report clears $85,000 sell wall
Bitcoin climbed past $85,000 to touch $87,000 following weaker-than-expected U.S. employment data and thinning order-book resistance, before pulling back under fresh selling pressure.
Bitcoin surged past $85,000 on Friday and touched an intraday high of around $87,200, driven by softer U.S. labor market figures and disappearing order-book resistance, before quickly retreating by about $2,000. The rapid price jump triggered nearly $275 million in short liquidations within 24 hours as Treasury yields sank.[1][2][3][4][7][8]
The rally was sparked by the September U.S. employment report, which showed employers added just 29,000 jobs against the 90,000 expected, while unemployment increased to 4.2%. The weak data pushed the 10-year Treasury yield down as low as 5.15% before it rebounded to 5.26%, and futures markets subsequently priced the probability of an October Federal Reserve interest rate hike below 20%.[2][3][5]
Market microstructure also supported the sudden push upward. According to Glassnode, sellers pulled and filled asks around the $85,000 level, leaving thin visible liquidity until a new wall formed near $87,000. Derivatives data from CoinGlass showed Bitcoin open interest climbing to roughly $56.2 billion in early October, while Deribit order books revealed heavy call option concentrations between the $90,000 and $100,000 strike prices.[2][6]
Key facts
- Bitcoin reached an intraday high above $87,000 after clearing an $85,000 sell wall, then quickly gave back about $2,000 of the advance.
- U.S. nonfarm payrolls rose by only 29,000 in September against forecasts of 90,000, while the unemployment rate increased to 4.2%.
- Futures markets lowered the probability of an October Federal Reserve rate hike to under 20% following the jobs report miss.
- Glassnode reported that $85,000 asks were filled or withdrawn, leaving thin liquidity ahead of a new concentration of sell orders near $87,000.
- The 10-year U.S. Treasury yield dropped to 5.15% after the jobs report before bouncing back to 5.26%.
- Nearly $275 million in short positions were liquidated over 24 hours as Bitcoin spiked.
- Bitcoin open interest rose to approximately $56.2 billion in early October, with billions in call options positioned between the $90,000 and $100,000 strikes.
Sources · 8 sources
- TB
The BlockArticle ·
Bitcoin nears highest level since January as $85,000 sell wall clears, US jobs data disappoints Bitcoin climbed back toward $87,000 on Friday as sellers cleared out around $85,000, according to Glassnode.
Open source - CR
CryptoSlateArticle ·
Bitcoin’s $85,000 sell wall is gone and traders are now betting on $100,000 Bitcoin’s rally is approaching a $90,000 test as a rare accumulation pattern reappears and sell-side liquidity thins. On Oct. 2, Bitcoin registered an intraday high at $87,000 after buyers broke through a sell wall around $85,000 that had stalled several previous attempts to advance. Glassnode said some of those orders were filled and the remainder withdrawn, leaving a smaller concentration of asks around $87,000 and less visible liquidity immediately above. Bitcoin cleared $85,000 after sell orders vanished, then met new resistance near $87,000. Source: Glassnode At the same time, bands on CryptoQuant’s Bitcoin Accumulation Trend chart have begun contracting, reviving a pattern seen before two sharp advances in 2025. The setup adds another bullish signal to a market that has reclaimed several key cost-basis levels, though the limited number of previous occurrences makes the pattern far from conclusive. Past contractions offer a bullish, but limited, precedent Per CryptoQuant, the current contraction resembles two episodes in 2025 followed by sizable gains, giving traders a bullish analog as Bitcoin enters October . The Accumulation Trend tracks buying and selling behavior across different groups of Bitcoin holders, offering a view into whether supply is being absorbed or distributed. Periods when the chart’s bands narrow sharply have previously coincided with shifts in market momentum. One contraction occurred between April 17 and April 20, 2025, when Bitcoin traded near $84,000 . BTC subsequently climbed toward $109,000, and another appeared between March 5 and March 8 before a separate advance. Those episodes are too few to establish the contraction as a reliable forecasting tool. However, they do make the latest occurrence more notable because Bitcoin’s broader market structure has improved at the same time. Related Reading Bitcoin’s $113,000 case strengthens as US regulators push 9 crypto actions Bitwise said this week that Bitcoin has reclaimed the major cost-basis thresholds it tracks for identifying shifts toward risk-on conditions. Those include the short-term holder cost basis near $73,000, a true market mean around $77,000, and the estimated average cost basis of spot exchange-traded fund investors near $83,000. Bitcoin has also moved decisively through Bitwise’s $85,000 short-term holder realized-price band, pushing the market toward a part of the distribution where gains have historically become harder to sustain. Underwater Bitcoin holders crowd the path toward $100,000 The disappearance of the $85,000 sell wall leaves Bitcoin heading directly toward another source of potential supply: investors approaching breakeven after months of losses. CryptoQuant analyst Darkfost estimates that BTC holders who acquired their assets 18 months to two years ago have an average cost basis near $88,350. The six-to-12-month cohort sits around $89,200 and has been underwater overall for close to a year. Realized-price bands show how Bitcoin holder cost bases shift across market cycles. Source: CryptoQuant Some investors bought above these averages and others below, but as the market approaches the cohort's cost bases, more holders face a fresh decision after months in losses. Some may use the recovery to exit near breakeven, while others could hold or add to lower their average purchase price. How much of that returning supply buyers absorb will help determine whether the rally can extend beyond $90,000. Bitwise’s valuation bands place another hurdle in almost the same area. The firm puts the next short-term holder reference level around $90,000, or 1.5 standard deviations above realized price, followed by the two-standard-deviation level around $95,000. Bitcoin has traded above those thresholds on only about 3.8% and 1.7% of days, respectively, in Bitwise’s historical sample. A separate Fibonacci framework used by the asset manager places levels near $92,000 and $100,000, adding to the concentration of technical and on-chain markers across the region. Bitwise described $90,000 to $100,000 as the next area where several structural reference points converge. Options traders are positioning for the same corridor. Deribit data show about $2.1 billion of Bitcoin call exposure at the $90,000 strike, $2.4 billion at $95,000 and $1.8 billion at $100,000. The concentration of calls points to substantial demand for upside exposure as Bitcoin moves closer to those strikes. Their effect on the spot market will depend on expiration dates and dealer hedging, but the positioning shows that traders have placed billions of dollars behind a move into the same $90,000-to-$100,000 range highlighted by on-chain valuation measures. Leverage rebuilds as macro pressure eases Bitcoin is approaching that supply zone with speculative exposure rising again and Friday’s US employment report giving risk assets a fresh macro boost. Bitcoin's open interest fell to about $52 billion as September ended, but derivatives activity has begun recovering, with the figure climbing to roughly $56.2 billion in the first two days of October, CoinGlass data show. The roughly $4.2 billion increase coincided with Bitcoin rising from about $83,500 to briefly above $87,000. The rebound suggests traders are rebuilding exposure after cutting positions into the end of September. With open interest rising alongside Bitcoin, new positions have accompanied the price advance, although the measure alone does not show whether traders are positioned long or short. Bitcoin open interest ended September near its lowest level in a year, leaving room for speculative activity to rebuild without immediately returning to previous extremes. Rising funding nevertheless makes long positions more expensive to maintain and increases their vulnerability if the rally reverses. The macro backdrop turned more favorable Friday after US employers added just 29,000 jobs in September, well below the 90,000 economists had expected. The unemployment rate increased to 4.2% from 4.1%, while August payroll growth was revised lower. The report pushed down expectations that the Federal Reserve will raise rates again at its October meeting, sending Treasury yields lower and lifting US equities. Futures markets placed the probability of an October increase below 20% following the data. That removes one immediate threat to Bitcoin’s advance while leaving the harder test inside the crypto market itself. A sustained move through $90,000 would take Bitcoin into territory that Bitwise already considers historically stretched relative to recent investor cost bases. Reaching $95,000 would push it into a band exceeded on less than 2% of days in the firm’s sample, forcing buyers to absorb both returning holder supply and increasingly expensive leveraged positions. Failure to do so would shift attention back toward $83,000, where Bitwise places the average ETF investor cost basis and the first major downside level that bulls would need to defend. The post Bitcoin’s $85,000 sell wall is gone and traders are now betting on $100,000 appeared first on CryptoSlate .
Open source - CO
CoinDesk@CoinDeskPost on X ·
MARKETS: Bitcoin briefly jumped above $87,000 after weaker-than-expected U.S. jobs data, but quickly gave back about $2,000 of those gains. Treasury yields also reversed sharply, with the 10-year yield rebounding to 5.26% after falling as low as 5.15%. https://t.co/w8KOZFkm33
Open source - CT
Coin TelegraphArticle ·
Bitcoin briefly hits $87K as weak US jobs data sends bond yields lower Bitcoin climbed after weaker-than-expected payrolls pushed Treasury yields lower, but order-book resistance kept BTC from reaching new macro highs.
Open source - BM
Bitcoin Magazine@BitcoinMagazinePost on X ·
JUST IN: Bitcoin jumps to $87,000 as U.S. Unemployment Rate comes in at 4.2%, higher than expectations 🇺🇸 https://t.co/jqtU8Q9zsd
Open source - CO
Cointelegraph@CointelegraphPost on X ·
🔥 BULLISH: Bitcoin broke above $85K after sellers pulled asks, with the next sell wall forming near $87K, says Glassnode. https://t.co/gXMdp4xR6G
Open source - TM
That Martini Guy ₿@MartiniGuyYTPost on X ·
BITCOIN JUST SPIKED ABOVE $87K BTC has just pushed through the $87K resistance on the 4H chart, reaching around $87.2K before pulling back slightly. $87K has been the major resistance level on this chart, so this is an important test. The key thing for me now is whether Bitcoin can actually close a 4H candle above $87K rather than just wick through it. If we get a clean breakout and $87K starts holding as support, the structure looks significantly stronger and the next major area above becomes much more interesting. Bitcoin has gone from around $75K to testing $87K in just a couple of weeks. I like the way this chart is developing, but I want to see $87K turn into support before getting too carried away.
Open source - CB
Coin Bureau@coinbureauPost on X ·
🚨ALERT: Bitcoin breaks above $87,000. A more SUPPORTIVE macro data release this week is lifting risk assets. With softer economic data and improving liquidity expectations helping push crypto higher. Nearly $275 MILLION in SHORT positions were liquidated in the last 24 HOURS.
Open source