Bitcoin price is at lows of $86,610, down over 1% over the past 24 hours, with a 24-hour trading volume of $87 billion. 

The top cryptocurrency is currently 5% below its seven-day high of $92,944 but is currently making new seven-day and seven-month lows. With a circulating supply of 19,950,600 BTC out of a maximum of 21 million, the global Bitcoin market cap is $1.78 trillion, reflecting a 1% decline over the past day.

The bitcoin price traded above $92,000 overnight but sharply dumped in early eastern-time zone trading to lows in the $86,000s range.

The Bitcoin Fear and Greed Index currently in “Extreme Fear.”

The U.S. labor market showed in September, according to data released by the Bureau of Labor Statistics after a six-week delay due to the government shutdown. 

Nonfarm payrolls increased by 119,000, more than double economists’ forecast of 50,000, although the unemployment rate ticked up to 4.4% from 4.3%. 

August’s reading was revised to a 4,000-job loss. This report, normally released in early October, marks the resumption of official economic data and will be followed by further updates in mid-December.

The labor data added to a broader backdrop of optimism in U.S. markets. Bitcoin price gained modestly overnight to the $92,000 range Nvidia’s stronger-than-expected third-quarter earnings report. The chipmaker posted $57 billion in revenue, defying concerns of an AI-driven market bubble.

The Nvidia report buoyed risk assets globally. Nasdaq futures rose 1.9%, Asian indices climbed, and S&P 500 futures gained 1%. The 10-year Treasury yield held at 4.11%, while the U.S. dollar posted small gains. 

For crypto markets, tech-driven liquidity remains a key driver, and Nvidia’s reassured investors that AI investments by major corporations—Amazon, Microsoft, Meta—will continue for the foreseeable future.

Bitcoin’s price dump is a common occurrence after a challenging month, during which the bitcoin price dipped toward $87,000 amid a $3 billion withdrawal from U.S. spot Bitcoin ETFs. 

However, inflows returned on Wednesday, with ETFs attracting $75 million, according to DefiLlama. 

Bitcoin price outlook

Last week, the Bitcoin price the week at $94,290, plunging below the key $96,000 support level and erasing gains made earlier in 2025. 

The break of this major support indicated a sharp shift in market sentiment, with bears taking clear control of price action. Bitcoin’s inability to hold above $96,000 meant that the likelihood of a sustained bull market had diminished significantly.

Following the loss of the $96,000 support, Bitcoin’s next significant support was identified near the 0.382 Fibonacci retracement from the 2022 bottom to the October 2025 high. 

Bitcoin Magazine analysts also highlighted a high-volume node between $83,000 and $84,000 as another potential floor. Below these levels, the next major support zone was traced to the 2024 consolidation range, between $69,000 and $72,000, suggesting substantial room for further declines if Bitcoin continued to weaken.

JUST IN: price crashes to $86,689 BUY THE DIP!

— Bitcoin Magazine (@BitcoinMagazine)

Resistance above Bitcoin’s $94,000 level had become substantial. Any minor bounce from current lows faced immediate obstacles at $98,000, with a potential short squeeze pushing the price to $101,000. 

However, strong resistance remained in the $106,000 to $109,000 range, with additional levels at $114,000 and $116,000 forming a near-impenetrable barrier for bulls. Analysts concluded that only a close above $116,000 would require a re-evaluation of market structure and could indicate a shift toward bullish momentum.

Market sentiment remained extremely bearish as Bitcoin had fallen over 25% from its October highs. Analysts suggested that the broadening wedge pattern, though not yet definitively broken to the downside, offered minimal hope for bulls. 

The best-case scenario for Bitcoin was a short-lived rally to $106,000 before rolling over to new lows. Bears appeared firmly in control, and any upside was likely to encounter heavy resistance.

Bitcoin price is currently at $86,877.

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