Bitcoin held below $86,000 on Tuesday after repeated rejections near $87,000, with a Monday ETF outflow interrupting three straight weeks of fund inflows. Resistance sits at $87,599, while $85,000 remains the key support level buyers need to defend.
Bitcoin stayed below $86,000 on Tuesday, preserving a recovery of more than 12% since mid-September even as the coin keeps failing to clear $87,000. The asset was rejected at $87,000 again on Monday before bouncing off the $85,000 support. crypto.news reported that Bitcoin has spent much of the past two weeks moving between roughly $83,000 and $87,000.
ETF demand cools after a third straight positive week
U.S. spot Bitcoin ETFs recorded $241.09 million in net inflows last week, according to SoSoValue data, marking a third consecutive positive week. But the week began negatively, with funds recording an outflow of $90 million on Monday. BlackRock's IBIT was the only fund with a net inflow that day, while ARK Invest and 21Shares' ARKB recorded the largest withdrawal at roughly $85.2 million.
Analyst Ali Martinez said 1.59 million BTC changed hands between $83,300 and $84,600, creating a dense support zone, and identified $86,700 as the level buyers need to clear next. He separately said large holders had added more than 14,335 BTC since Oct. 1, citing Santiment data.
Weaker payrolls data cut October rate-hike odds
Investors also scaled back bets on another Federal Reserve rate hike after Friday's weaker-than-expected U.S. employment report. September nonfarm payrolls rose by 29,000, far short of the expected 90,000 increase, and August's gain was revised down to 133,000 from 162,000. Following the report, CME FedWatch placed the probability of an October hike at 18.3% on Monday, down from roughly 70% the previous week.
Resistance builds at $87,599
On the weekly chart, Bitcoin faces resistance at $87,599, the 50% retracement between the August 2024 low of $49,000 and the October 2025 record high of $126,199. A close above that level would bring the 100-week simple moving average near $89,832 into focus, followed by the psychological $90,000 mark. Weekly RSI sits near 62 and rising, while a daily close below the $85,000 support would expose the 50-day exponential moving average near $79,189.
Sources: CoinJournal, crypto.news, CryptoPotato
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