Bitcoin reached a price of $86 913 on October 2, marking its highest level since September 23. This movement followed a week of trading within the $82 500 to $85 700 range. The asset has gained 14.6% since its September 15 low of $74 968.
The rally was driven by the breakthrough of a significant sell wall at the $85 000 to $85 500 level on Binance. Following this, sell liquidity above the current price decreased. Market data shows that Bitcoin dominance has neared 60%, while USDT dominance fell to approximately 6.3%.
Trading activity in derivatives has intensified, with open interest in Bitcoin futures rising by 27 000 BTC to 653 000 BTC, valued at approximately $56.2 billion. Total liquidations across the crypto market reached $333 million over 24 hours, with $244 million attributed to short positions.
Institutional interest remains active, as evidenced by US spot Bitcoin ETFs, which saw inflows of $102.7 million on October 1. Analysts at QCP note that the current price appreciation is supported by spot buying rather than excessive leverage, citing a 5.4% annual funding rate for perpetual futures.
Market participants are now monitoring upcoming US economic data, including the September employment report. Analysts expect non-farm payrolls to increase by 84 000 to 93 000, with the unemployment rate projected to remain at 4.1%. These figures are expected to influence future Federal Reserve policy decisions.
