In this video: We analyze Bitcoin on 5 October 2026 using Elliott Wave, with $81,600 to $82,930 as the most important short-term support. Video by More Crypto Online.
Bitcoin has now closed three weekly candles and one monthly candle above the 50-week average and is still trading above the May high. We show why the band of weekly averages near $78,000 is an important trend filter, where the first resistance sits, and answer the community question of whether a pullback below $70,000 is still realistic.
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Bitcoin (BTC) is trading around $86,100, gaining roughly 2.1% to reclaim the crucial $86,000 threshold. The upward momentum is largely driven by macro economic developments, specifically a softer-than-expected U.S. jobs report showing only 29,000 nonfarm payrolls added in September. This has caused traders to heavily price out an October interest rate hike by the Federal Reserve.
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Bitcoin Insights Today
• Macro Economic Tailwind: The U.S. Labor Department's report missing the 90,000 job estimate caused the CME FedWatch tool to pivot sharply, with 80.6% of traders now betting the Fed will hold rates steady. This cooling labor market has revitalized risk assets like crypto.
• Bullish Technical Configuration: Technical analysts report that Bitcoin's 50-, 100-, and 200-day moving averages are on the verge of confirming a major bullish alignment for the first time since mid-2025. This indicates that the asset's three-month recovery is solidifying into a sustainable bull structure.
• Immediate Resistance Hurdles: While bulls briefly touched $87,000 on select exchanges, the asset faces stubborn resistance at its 2026 yearly open of $87,570. A decisive breakout above this range is needed to turn the yearly candle green and sustain the "Uptober" momentum.
• Corporate Earnings Impact: Strategy reported a staggering $21 billion gain on its Bitcoin holdings for Q3 2026, flipping back to profitability after four quarters of losses following the late-summer crypto surge.
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