TLDR
- Bitcoin trades at $84,119 at the start of Q4, above all its major moving averages.
- BTC gained about 7% in September, while gold fell more than 6% and the S&P 500 barely moved.
- Key resistance sits at $85,513, with support at $82,860 and $81,602.
- Top traders lean long on Binance, but the taker buy/sell ratio of 0.877 shows sellers are more aggressive.
- 10x Research, BIT, and Frank Cappelleri all expect further gains for Bitcoin.
Bitcoin (BTC) started the fourth quarter trading at $84,119, up 1.34% overnight. The price sits close to its daily pivot point of $84,255, which shows a market waiting for direction.
Bitcoin trades above its 7-day, 20-day, 50-day, and 200-day moving averages. The 200-day average sits near $71,356.
Spot volume on Binance reached about $1.57 billion over 24 hours.
Bitcoin Beats Stocks and Gold in September
Bitcoin gained roughly 7% in September, according to Santiment data released on October 1. Over the same period, the S&P 500 barely moved and gold fell more than 6%.
US spot Bitcoin ETFs pulled in billions of dollars during the month, including several large inflow days late in September. Strategy, led by Michael Saylor, also added 1,665 BTC to its holdings.
Santiment said cooler-than-expected August inflation briefly lowered Treasury yields. It also reduced expectations for another Fed rate hike.
Bitcoin rose almost 45% in the third quarter, its largest quarterly gain since 2024. Soft US PCE inflation data recently helped push the price above $84,000.
10x Research said October could mark the start of Bitcoin’s next leg higher. The firm pointed to August, when US federal debt crossed $40 trillion and BTC moved above $80,000.
Fears of a hawkish Fed later sent Bitcoin back to $76,000. After Fed Chair Warsh signaled policy would stay accommodative, BTC climbed to $86,000 in under a week.
BIT, formerly Matrixport, predicts a rally to between $185,000 and $215,000. CNBC Pro contributor Frank Cappelleri said Bitcoin could rise 400% if it repeats its 2022 pattern.
Key Levels and Trader Positioning
Resistance sits at $85,513, followed by $86,908 and the upper Bollinger Band at $88,715. Support sits at $82,860 and then $81,602.
The RSI reads 62.69, which is below overbought levels. The MACD has flattened, with its signal line and main line sitting on top of each other.
On Binance, top traders hold a long-to-short ratio of 1.42, with 58.7% of positions long. Retail traders sit at 1.36, or 57.6% long.
The taker buy/sell ratio stands at 0.877, meaning sellers are more aggressive than buyers. Open interest fell 3.04% over 24 hours, while the funding rate sits at a neutral 0.008%.
Blockchain.news analyst Rongchai Wang puts a 55% chance on a daily close above $85,513 within 7 to 14 days. That could open a path toward $88,715 and later $90,000.
The bear case, at 45%, involves a retest of $82,860 and possibly $81,602. A break below the 50-day average near $77,708 would challenge the wider uptrend.
Bitcoin was most recently trading at $83,708.86 as of 10:18 UTC, according to Blockchain.news live data.
The post Bitcoin (BTC) Price: BTC Holds Near $84,000 as Traders Watch $85,500 Resistance appeared first on Blockonomi.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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