The cryptocurrency’s price hit a peak of $85.5K on Sept. 30 as the U.S. Personal Consumption Expenditures inflation index fell to its lowest level in six months. While Bitcoin briefly reclaimed the $85,000 level during the rally, it gave up those gains shortly after the pump. Prediction markets at Kalshi currently assign a 36% probability that the asset will reach $100,000 by the end of the year.

Glassnode previously identified $84,000 as a critical support level, while the next major resistance is the mean MVRV price of $96.7K. Some analysts warned that a drop below $80,000 could threaten the early stage of the current bull market, contrasting with earlier moves past $87,000 in late September.