Bitcoin has made another swing for September 26th’s $86,000 high, and the timing couldn’t be better as it’s just in time for this Friday’s crypto news coverage.
Currently, BTC is trading at $86,300, up 2.7% from last week. We saw a slight midweek downturn, but as of Friday, the world’s leading crypto has reclaimed last week’s high.
The global crypto market’s total cap is also looking positive, reclaiming $2.91 trillion. Is it on course to reclaim its January 2026 $3.25 trillion high? Good news again, especially on resilience, as the overall market cap retracted to $2.84 trillion mid-week, then retraced to its September 21-22 high, showing buyers are still in control.
So far, both Bitcoin and the overall global market cap have held their price levels amid heavy macroeconomic headwinds, a positive sign of stubborn resilience.
Short Squeeze Forces Bears to Liquidate, Producing a Friday BTC Rally
Can Bitcoin hold its previous breakout amid rising US Treasury yields? That’s been the key question in our crypto news coverage over the past two weeks. First, BTC broke into the $77,000 price zone on September 18, and last week, it rallied to $84,000.
So far, so good. Last week’s news was better than a simple hold. We had another breakout, climbing higher to $84,000. If you were watching this week’s retraction, today’s retracement for a second test at $86,000 is positive news. That doesn’t include its September 21st high. Although short-lived, Bitcoin had initially surpassed $87,000, its highest price since January.
What caused BTC’s $86,000 retracement?
Three catalysts driving today’s price increase are a series of positive market conditions. First, Bitcoin pushed through last week’s $15.6 billion options expiry without sliding back to $77,000.
Second, Citigroup’s Alex Saunders has become more bullish on Bitcoin, stating a price target of $113,000 within the next 12 months. He predicts a Q4 rally, citing easing macro conditions and institutional ETF inflows as key drivers. The market seems to have listened, boosting confidence in Bitcoin and naturally drawing buyers’ attention.
Third, the odds of a rate hike in October are down from 71% to 35%. This is thanks to cooler inflation readings, which, if you read our crypto news regularly, is good news for the bulls. Also, New York Fed President John Williams has already stated “there is no need for urgency” after September’s hike.
Although the Fed rate cut now looks softer from a macro headwind perspective, the 10-year Treasury yield is still out of favor, reaching 5.3%, its highest level since 2002. Bitcoin doesn’t pay a yield, so every step higher in Treasuries raises the bar for holding it.
Altcoins Cool Off After a Big Week
We’ll have to wait a little longer for the alt season to kick in. After this week, trading was mostly sideways.
Ether is trading around $2,683, up 0.5% over the past seven days. Solana doesn’t fare much better, trading around $117, up only 0.3% over the past week. XRP has flattened, too, at $1.48. BNB has made some headway with a 2.2% increase to $767.
Zcash, the star of the crypto market lately, is back with another gain, up 9.6% over the past seven days to around $1,373. That’s still below the $1,490 it reached in our September 18th report, but the momentum has returned. Hyperliquid’s HYPE token gained 6.9% to around $87.
Bitcoin dominance is around 58.95%, which tells you where the money stayed this week. We weren’t calling the alt season last week, and this week confirms why.
Key Market Indicators
Here are some of the key benchmarks we watch for in the crypto accumulation phase. We’re still not putting a stamp on an accumulation phase, and we’re certainly not calling a bull run with the 10-year yield at a 24-year high.
The Alternative.me Crypto Fear & Greed Index rose 1 point to 72. We’re not surprised by this figure, as most crypto market price levels remain unchanged. Since our August 21 weekly crypto news, it’s been above the 50-point benchmark we set as an indication of an accumulation phase. In fact, on Wednesday it rose to 74, up from 63 a month ago, so it’s moving in a positive direction.
Another excellent reading this week is that Bitcoin supply in profit is now up to 74%, according to Glassnode’s latest reading. With unrealized profits up across the crypto market, it makes sense that most investors prefer to hold rather than sell for now, which further supports an accumulation prediction.
From key market indicators, it’s safe to say a week of sideways trading hasn’t hurt the numbers. If anything, the Bitcoin supply and profit have only pushed us further toward an accumulation call.
What’s In Store For Crypto Next Week?
Today we actually have the U.S. jobs report coming out at 8:30 am ET. This will basically forecast 90,000 new payrolls, apparently. However, if the numbers come in weak, we will see an adjustment in the Fed rate, which we are hoping to avoid this month.
Next up is October 28th, so we’ve got an entire month of news before the Fed decides whether to hold or raise the basis points.
During that time, we’re looking to see crypto at least maintain the 84,000 to 85,000 price zone, or, with increased ETF inflows and a reasonably quiet month, we may see crypto break through 86,000, past its 87,000 high, and into the next price zone (which will be in the $90,000 to $95,000 USD range). $96,700 is the next target.
Disclaimer: This is not financial advice. All crypto news reports created by mBitcasino are purely for informational purposes only. If you are planning on investing, please refer to an advisor who specializes in financial advice for cryptocurrency investments.
