Bitcoin ( BTC ) slipped 0.5% to $86,000 on Monday after ending the previous week higher, signaling modest profit-taking. Still, bullish technical, on-chain, and macro signals suggest BTC could resume its rally toward $93,000 in the coming sessions.
Bitcoin Ascending Triangle Targets $93K
BTC was trading near $86,150 on Oct. 5, holding just below resistance around $86,500-$87,000.
The cryptocurrency has formed a series of higher lows beneath this horizontal ceiling since late September, creating an ascending triangleon the daily chart.
Such patterns typically indicate strengthening demand as buyers step in at increasingly higher prices while sellers defend the same resistance area.
A decisive daily close above $87,000could confirm the breakout. Based on the triangle's height, Bitcoin's measured target sits around $93,000-$94,500, representing roughly 8%-10% upside from current levels.
Meanwhile, the 20-day exponential moving average (20-day EMA, green) near $83,300remains an important short-term support level.
Bitcoin Demand Recovers Ahead of Breakout
CryptoQuant's 30-day Apparent Demandmetric rose from roughly -182,000 BTC on Sept. 24 to -101,000 BTC on Oct. 1.
That's an improvement of about81,000 BTC in one week, reducing the demand contraction by nearly 45%.
Apparent Demand remains negative, meaning spot demand has not fully recovered. Nevertheless, the rapid improvement while Bitcoin trades near local highs suggests underlying buying conditions are strengthening.
A return above zero could further confirm the bullish breakout thesis.
Weak Jobs Data Eases Fed Rate Hike Bets
The macro backdrop is also turning more supportive for Bitcoin.
Following the weak September jobs report , CME FedWatch showed the odds of an October Fed rate hike falling to below 20%, while the probability of no change climbed to around 80%.
Lower near-term tightening expectations could ease pressure on risk assets and support BTC's attempt to break above $87,000 toward the $93,000-$94,500target.
This article was originally posted on FX Empire
