Oct 5: Craig Cobb Sees a Critical Breakout Level

Bitcoin is pushing toward $87,000 as ETF inflows turn positive again and markets sharply reduce expectations for another immediate Fed rate hike following a weaker September jobs report. Craig Cobb says Bitcoin is approaching a critical technical level around $87,374, the high of the recently closed three-month candle. A sustained break above that level would reinforce the improving weekly trend and could begin establishing a cleaner daily uptrend, while Ethereum still needs to clear roughly $2,800 and much of the broader market remains in consolidation.

Kraken's parent company is building 24/7 institutional dollar settlement, while a proposed tokenized-securities venue involving OKX and the NYSE's parent company would bring round-the-clock trading closer to U.S. stocks. Ethereum is simultaneously dealing with unusually large staking entry and exit queues, Zcash is testing a faster NU7 upgrade, Ethereum's Glamsterdam upgrade heads to testnet, and Blast is shutting down its Layer 2 after costs exceeded revenue. For Bitcoin, the immediate question is whether the recent progression from $80K to $82K support, then $85K, can now extend through the roughly $87.4K resistance level.

Happy HODLing

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