BTC Breakout Test: When Back to $90,000?

Bitcoin is back near $82,500 after briefly pushing above $86,000 earlier this month, with $90,000 tantalizingly close yet proving hard to get to. From here BTC▲$77,666.00 would need a gain of just around 9% to reclaim.

Bitcoin has already failed at the first major obstacle around $85,000-$85,500, but derivatives traders remain bullish enough that a successful BTC breakout test could rapidly accelerate towards $90,000 and beyond.

Related: Why Is Crypto Down Today? Bitcoin Falls Below $83K as $550M in Bets Get Wiped Out

Why Did Bitcoin Fall Back Below $85,000?

Bitcoin’s latest attempt initially appeared to be going well. BTC climbed from below $80,000 in late September, broke through a large block of sell orders around $85,000 and reached roughly $86,500 on October 4. For a moment, the path toward $90,000 seemed to be opening.

Then it stalled. On October 7, BTC was back near $83,000, and it has since traded around $82,000-$83,000.

Glassnode found that an important weakness underneath the rally was unusual low trading volume. Less than two-fifths of the recent rise in Bitcoin’s realized capitalization had come from genuinely new money, as buyers who have recently entered the market have taken profits as BTC moves through $85,000.