Bitcoin’s price has dipped over 1% in the last 24 hours, hitting a low of $86,610, while the 24-hour trading volume stood at $87 billion.
Right now, Bitcoin is trading about 5% lower than its seven-day high of $92,944, reaching new lows for both the week and the last seven months. Currently, there are 19,956,000 BTC circulating out of a total supply of 21 million, which brings the global market cap to $1.78 trillion, reflecting a 1% decline since yesterday.
Earlier, Bitcoin had traded above $92,000 but then saw a sharp drop, falling to approximately $86,000.
The Bitcoin Fear and Greed Index is currently in a state of “extreme fear.”
Meanwhile, the U.S. labor market displayed unexpected resilience, with data released in September by the Bureau of Labor Statistics, which was delayed for weeks due to a government shutdown.
Nonfarm payrolls increased by 119,000—double the more than 50,000 economists had forecasted—but the unemployment rate ticked up to 4.4% from 4.3%.
The figures for August were adjusted to reflect a loss of 4,000 jobs. Typically, this report is released in early October, with another update due in mid-December to mark the return of official economic indicators.
Despite mixed signals, optimism in the U.S. market surged following the labor data. Bitcoin’s price climbed slightly back up to around $92,000 after news broke concerning Nvidia’s third-quarter earnings, which exceeded expectations at $57 billion in revenue, allaying fears of a bubble in the AI sector.
Nvidia’s strong performance has boosted risk assets globally, with Nasdaq futures rising by 1.9% and Asian markets also experiencing gains, while S&P 500 futures climbed 1%. The yield on the 10-year U.S. Treasury remained stable at 4.11%, and the U.S. dollar saw a slight increase.
It’s clear that liquidity driven by tech continues to play a crucial role in the cryptocurrency landscape, as confidence grows that significant companies like Amazon, Microsoft, and Meta will keep investing in AI.
Bitcoin’s price often fluctuates after tough months, and recently, it struggled to stay close to $87,000 after $3 billion was pulled from the U.S. Spot Bitcoin ETF.
However, inflows have made a comeback, with the ETF attracting $75 million on Wednesday, according to DeFi Lama.
Bitcoin Price Outlook
Last week, Bitcoin closed at $94,290, falling below the crucial support level of $96,000, wiping out some of the gains from earlier in 2025.
Losing this significant support suggests a notable shift in market sentiment, handing control to bearish traders. The inability to maintain above $96,000 has lowered the chances of a continued bull market.
With the $96,000 support lost, the next notable support lies near the 0.382 Fibonacci retracement level from the 2022 low to the high in October 2025.
Bitcoin Magazine analysts have also pointed to a significant node around $83,000 to $84,000 as another possible support level. If Bitcoin breaches those levels, the next major support zone could revert to the 2024 range of $69,000 to $72,000, indicating potential for further declines.
The resistance above $94,000 has proven to be substantial. Even a minor rebound from these lows would encounter resistance at $98,000, and a short squeeze could propel the price to $101,000. Yet, robust resistance levels exist between $106,000 and $109,000, not to mention levels at $114,000 and $116,000 that are difficult for bulls to surpass. Analysts note that only closing above $116,000 would prompt a reassessment of market structures and possibly indicate a shift toward bullish movement.
Market sentiment remains quite bearish, with Bitcoin down over 25% from its peak in October. While analysts mention that the widening wedge pattern offers little hope for bulls, the downside hasn’t decisively broken yet.
The most optimistic outlook for Bitcoin might be a brief rise to $106,000 before hitting new lows. It seems the bears are firmly in control, and any upside is likely to face substantial resistance.
Bitcoin’s current price is at $86,877.
