Crypto
Home›Crypto›Market Structure›Bitcoin tests $85,000 as US inflation and jobs data di…
Bitcoin tests $85,000 as US inflation and jobs data diverge
Bitcoin dipped to an intraday low of $82,563 on Sept. 28, just below a Glassnode-identified long-term holder supply concentration between $84,000 and $85,000.
Bitcoin is facing a key technical test around $85,000 as upcoming US economic releases could point investors toward different inflation and labor outlooks, which in turn can shift interest-rate expectations, according to CryptoSlate.
CryptoSlate said Bitcoin hit an intraday low of $82,563 on Sept. 28, just below a concentration of long-term holders' purchase prices identified by Glassnode. Glassnode’s Sept. 23 analysis mapped a large cluster of long-term holder supply at $84,000 to $85,000, describing that zone as an area where many longer-term holders acquired coins.
The next three data releases are set to arrive on Sept. 30, Oct. 1, and Oct. 2, including the personal income and outlays report for August, the ISM manufacturing survey for September, and the September employment report, CryptoSlate reported. The outlet noted that the releases measure different aspects of inflation and factory costs, so traders may need to revise their view of the Fed as each report lands.
CryptoSlate also cited Glassnode levels beyond the $85,000 area, including a deeper True Market Mean reference near $77,000 and an overhead mean MVRV reference near $96,700. The outlet added that Glassnode’s Sept. 21 Market Pulse showed net spot taker buying, rising volume, and elevated futures leverage, alongside weekly ETF outflow.
Latest closeBitcoin $83,966.34 ▲0.6%