BTC Clears 86K: 87.4K Is the Line to Watch

Here's the Bitcoin (BTC) daily chart. After nearly ten days stuck in a range, BTC climbed above it today. The 82.2K invalidation level from yesterday's monthly post never broke, and price is now right under the resistance zone I flagged there.

The two red lines are downtrend lines coming off last year's all-time high and this January's high. They meet at the September high. Price cleared the steeper one today and is now pressing against the flatter one, with the daily candle still open. Look at the white cup: price rounded up from the May high through the July low to the September high, and last week's range is the handle. The cup isn't complete until it clears the 87.4K rim.

The breakout came with solid volume. OBV also broke above its range high, and large orders skewed heavily to the buy side over the past day. That said, there's a large sell order on the futures order book at 87.5K, just above the September high.

Tonight's US jobs report showed little job growth, and unemployment came in a bit higher than expected. BTC spiked to 87.2K right after the release, then stalled just under the September high. The market usually reads weak jobs data as a boost to rate-cut odds, so for now it was taken as a bullish catalyst.

Over the weekend I think a push through the September high toward 88.7K, a range-height move up, is more likely. Above that is the top of the resistance zone from the monthly post. On the flip side, if a 4H candle closes back below 85K, I'd call it a failed breakout and expect a return to the range.

The first daily close after the release comes tomorrow morning, so the first check is whether that candle holds above the flatter red line.