Bitcoin's recent market recovery is receiving support from softer employment figures and renewed investment demand, according to cryptocurrency investment product issuer 21shares. Matt Mena, a senior crypto research strategist at the firm, linked recent price movements to changing economic expectations heading into the final quarter.
During overnight trading, bitcoin broke through the $85,000 to $86,000 range and tested the $87,000 level. Mena identified $87,000 as a resistance level that has constrained prices for much of the year. He noted that uncertain macroeconomic data, such as recent jobs reports, could serve as a catalyst to clear this barrier and establish a path toward subsequent resistance levels at $90,000 and $97,000.
The employment backdrop shifted as U.S. employers added 29,000 jobs in September, with the unemployment rate reaching 4.2%, according to Bureau of Labor Statistics data released on October 2. Additionally, employment gains for July and August were revised downward by a combined 60,000. Mena argued that softer hiring gives the Federal Reserve room to hold rates, noting a weekly decline in rate hike odds.
Alongside macroeconomic shifts, the strategist estimated approximately $7 billion in net inflows into bitcoin exchange-traded funds (ETFs) during the third quarter, marking the strongest quarter since the third quarter of 2025. His quarterly estimates also included $2.6 billion for ether and $500 million for solana.
Regarding altcoin projections, Mena indicated that momentum could support ether moving from above $3,000 toward $4,000, and solana reclaiming $125 on its way to $140. However, recent demand has varied, with ether and solana ETFs recording withdrawals on October 1.
Market participants continue to monitor upcoming economic catalysts, including the Consumer Price Index and the Federal Reserve's rate decisions, as direct buying remains central to sustaining market gains.
