Bitcoin is back at its highest levels since January 2025. The break above a key resistance at $85,000 has opened the door to a bullish dynamic that few anticipated heading into early October.
Two distinct catalysts are driving this move: a supply-side market structure that is cleaning itself up, and US macroeconomic data that is reshuffling the deck on Fed monetary policy.
The timing is sharp, the signal is clear — here is what the data is really telling us.
The $85,000 Sell Wall Crumbles: What Glassnode’s Data Reveals
According to on-chain data from Glassnode, a significant concentration of sell orders had built up around the $85,000 level. This type of resistance — typically made up of short positions, profit-taking, and limit offers — acts as an artificial ceiling on price action. Its liquidation marks a structural turning point.
Once that sell wall was absorbed, the order book thinned out considerably at depth, allowing Bitcoin to push toward $87,000 with minimal friction. This dynamic illustrates the classic mechanics of a breakout: when available supply at a key level is exhausted, even modest buying pressure is enough to propel price toward the next resistance zone.
This move brings Bitcoin to its highest levels since January 2025, repositioning the asset in a technically favorable setup. Traders are now watching the $88,000–$90,000 zone as the next momentum test — a level that, if broken, could trigger a fresh wave of algorithmic buying and institutional FOMO.
Disappointing Jobs Data: Why the US Labor Market Is Boosting Bitcoin
Friday’s US employment figures came in below expectations. A weaker-than-forecast NFP (Non-Farm Payrolls) report sends an ambiguous signal about the health of the real economy — but a very readable one for financial markets: the Fed may be forced to slow down, or even reverse, its monetary tightening trajectory.
In this context, risk assets mechanically benefit from renewed appetite. Bitcoin, increasingly perceived as a macro-sensitive asset, responds positively to any prospect of monetary easing. A weakening dollar, stagnating or falling benchmark rates — historically, that is exactly the environment where BTC thrives.
This macro catalyst reinforces a dynamic already underway on-chain. The convergence between a cleaner supply picture in the spot market and a more accommodative macro backdrop creates a setup that institutional traders simply cannot ignore. Market sentiment is shifting: fear is giving way to conviction.
Is Bitcoin on Its Way to a New Bull Cycle?
Bitcoin’s current technical structure is showing several encouraging signals. The break above $85,000 on volume confirms that this level is no longer a resistance but a potential new support. The push toward $87,000 within a matter of hours points to solid buying liquidity, with no immediate signs of momentum exhaustion.
On the on-chain side, the reduction of the sell wall indicates that weak hands have closed out their positions — a typical cleansing process seen during the early stages of a sustained recovery. Long-term holders (LTH) continue to hold their BTC, keeping structural selling pressure in check. This relative scarcity of available supply amplifies the impact of every incoming buy flow.
Key levels to watch: how price reacts to the $88,000–$90,000 zone, and what the next round of US macro data delivers. If the dollar continues to retreat and economic figures keep disappointing, Bitcoin has the conditions it needs to test levels not seen in several months. The market is holding its breath — but every signal is pointing higher.
