Bitcoin recently hovered near $84,668, down 1.6% after failing to hold gains near $87,220. During the session, chart data recorded a low of $83,888, keeping the asset confined within a tight trading range between $83,000 and $87,000.
Analyst Crypto with Haris maintained a bearish outlook, pointing out stubborn resistance between the $86,000 and $87,000 levels. According to the analyst, repeated failures to break this zone could potentially lead to a downward movement toward $62,000. Traders are closely monitoring major trendline support, with $83,000 acting as the next critical level if the support breaks.
Macroeconomic data contributed to a volatile week, particularly the September jobs report. Nonfarm payrolls increased by only 29,000, falling short of the 90,000 consensus expectation. Meanwhile, the unemployment rate rose to 4.2% and wage growth slowed, reducing pressure on the Federal Reserve regarding interest rates. Although Bitcoin initially surged toward $87,100 following the report, the rally faded quickly and the price retreated to the mid-$84,000 region.
Despite the sideways movement and rising liquidations, bulls continue to rely on steady institutional buying to support the market. Inflows remained strong, with BlackRock's IBIT recording $195.6 million in single-day buying, while Fidelity ETF clients added $29.28 million.
