On October 2, Bitcoin surged to $86,913, marking its highest point since September 23. Prior to this, the cryptocurrency had been trading mostly between $82,500 and $85,700 over the past week, as noted in a report by QCP.

On Bitstamp, the price reached $86,857 before retreating below $86,000. Since hitting a low of $74,968 on September 15, Bitcoin has gained 14.6%.

At the time of writing, Bitcoin was trading around $86,400.

Hourly BTC/USDT Chart from Binance. Source: TradingView.

This upward trend has also benefited the broader cryptocurrency market, with Ethereum, XRP, Solana, and BNB all showing gains.

Performance of the Top 10 Cryptocurrencies by Market Capitalization. Source: CoinMarketCap.

Bitcoin's share of the total market capitalization has approached 60%, while USDT's dominance has decreased to around 6.3%.

According to CoinDesk, this trend indicates a shift of capital from cash into crypto assets, reflecting an increased risk appetite.

Buyers Overcome Selling Pressure

Previously, Glassnode had identified a significant cluster of sell orders around $85,000 to $85,500 on Binance's spot market, which had constrained Bitcoin's upward movement for the past week.

However, on October 2, buyers successfully breached this zone. Analysts noted that after the breakout, the volume of sell orders above the current price diminished, and some orders were removed.

The sell wall over $BTC has gone.

Buyers took out the $85k wall yesterday, after almost a week of failed tests. The rest of the sell orders seem to have been removed.

With reduced ask liquidity above, this should allow price to move up faster. pic.twitter.com/Aoh5ZuVZiM

— glassnode (@glassnode) October 1, 2026

A new cluster of liquidations formed above $87,300, as noted on the liquidation map by CoinGlass.

QCP highlighted the $87,400 level as the September peak and the nearest resistance, with $90,000 identified as the next target due to a substantial volume of call options sold at that strike price recently.

Support was noted at $82,500, where Bitcoin has remained for three consecutive tests over the past week.

In the last 24 hours, liquidation volume in the crypto market reached $333 million, according to CoinGlass, with $244 million attributed to short positions.

Heatmap of Liquidations in the Crypto Market. Source: CoinGlass.

Traders Increasing Leveraged Positions

Data from the derivatives market indicated a rise in trader activity following the recent price movements.

QCP reported that the annual funding rate for perpetual futures was at 5.4%. Analysts believe this suggests that the price increase was driven by spot purchases rather than leveraged trading.

Additionally, open interest in Bitcoin futures increased by 27,000 BTC since September 30, reaching 653,000 BTC (approximately $56.2 billion), as per CoinGlass. Annual funding rates on Hyperliquid and OKX rose to 9–10%.

The increase in open interest indicates that traders are opening new positions, while a positive funding rate shows that long position holders are compensating short position holders.

Interest in bullish options remains strong, with a client reportedly selling over 4,000 call options with a $90,000 strike price and an expiration date of October 30, amounting to a notional value of $346 million.

Simultaneously, the client purchased calls with the same strike price but expiring on November 27, coinciding with the U.S. midterm elections, quarterly Treasury refinancing, and the December Federal Reserve meeting.

ETF Inflows Return

On October 1, U.S. spot Bitcoin ETFs attracted $102.7 million, according to SoSoValue, following a $148.7 million outflow the previous day.

Trends in Inflows and Outflows for Spot Bitcoin ETFs. Source: SoSoValue.

In August, net inflows into these instruments totaled around $3.5 billion, while in September, inflows were $2.6 billion.

QCP views this trend as a sign that the current price increase is supported by capital inflows and market participant positioning.

Focus on Employment Report

Despite a sell-off in U.S. government bonds, Bitcoin's price increased. The yield on ten-year U.S. bonds briefly reached 5.29%, while thirty-year bonds hit 5.62%.

In September, real rates rose by approximately 44 basis points, gold fell by 8.5%, and Bitcoin increased by 12%, according to QCP.

Analysts noted a divergence between the performance of the digital asset and traditional macroeconomic signals.

They assessed that Bitcoin's movement does not align with a scenario of dollar devaluation but resembles a concentrated influx of capital into an asset driven by new regulatory catalysts and an improved technical outlook.

The upcoming focus for the market will be the September U.S. employment report, with analysts expecting non-farm payrolls to increase by 84,000 to 93,000, following 162,000 in August.

Unemployment is forecasted to remain steady at 4.1%.

Market participants will pay close attention to average hourly earnings, with consensus estimates predicting a slowdown in the annual growth rate to 3%, the lowest since May 2021.

According to QCP, slow wage growth could alleviate upward pressure on long-term Treasury yields, while strong data could reinforce expectations for a Federal Reserve rate hike in December.

It is worth noting that on September 22, Bitcoin had already surpassed $87,000 amid the largest daily inflow into spot Bitcoin ETFs in about a year, totaling $999 million.

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