Bitcoin Clears $85,000 Sell Wall as Traders Target $100,000

Bitcoin reached an intraday high of $87,000 on Oct. 2 after buyers broke through a heavy $85,000 sell wall, clearing sell-side liquidity toward the key $90,000 to $100,000 resistance corridor.<br><br>* Bitcoin registered an intraday peak of $87,000 on Oct. 2 following the removal of an $85,000 ask wall.<br>* Bitwise cost-basis metrics place average spot ETF acquisitions near $83,000 and short-term holders at $73,000.<br>* CryptoQuant data shows $88,350 and $89,200 cost bases for underwater holder cohorts.<br>* Deribit options market open interest includes $2.1 billion at $90,000, $2.4 billion at $95,000, and $1.8 billion at $100,000 strikes.<br>* CoinGlass data reveals a $4.2 billion open interest gain to $56.2 billion in early October.<br><br>## On-Chain Metrics and Technical Resistance Points<br><br>According to Glassnode, sell orders near $85,000 were partially filled and partially withdrawn, leaving a smaller concentration of asks around $87,000. Meanwhile, CryptoQuant's Accumulation Trend chart bands have begun contracting, reviving a setup observed between April 17 and April 20, 2025, when Bitcoin traded near $84,000 before advancing toward $109,000, as well as a separate occurrence between March 5 and March 8.<br><br>Asset manager Bitwise stated that Bitcoin has reclaimed key reference levels, including the short-term holder cost basis near $73,000, a true market mean around $77,000, and the estimated spot ETF investor cost basis near $83,000. Bitwise identifies $90,000 (1.5 standard deviations above realized price) and $95,000 (two standard deviations) as major technical hurdles. Bitcoin has traded above those thresholds on only 3.8% and 1.7% of days historically. Separate Fibonacci levels from Bitwise sit near $92,000 and $100,000, adding technical weight while the bitcoin $113,000 case builds.<br><br>## Underwater Holders and Derivatives Positioning<br><br>As prices rise, CryptoQuant analyst Darkfost estimates that 18-month to two-year holders hold an average cost basis near $88,350, while the six-to-12-month cohort sits near $89,200 after being underwater for nearly a year. These cohorts may create returning supply as investors approach breakeven.<br><br>Derivatives positioning is expanding rapidly alongside macroeconomic Tailwinds after US nonfarm payrolls gained just 29,000 in September, missing the expected 90k nonfarm payrolls figure. Deribit options data highlights $2.1 billion in call exposure at the $90,000 strike, $2.4 billion at $95,000, and $1.8 billion at $100,000. CoinGlass data shows derivatives open interest jumped from $52 billion at late-September lows to $56.2 billion across Oct. 1 and Oct. 2 as Bitcoin moved from $83,500 past $87,000.<br><br>## Why It Matters<br><br>The liquidation and withdrawal of the $85,000 ask wall signals an immediate shift in order book dynamics, but the $88,350 to $89,200 region represents a crucial hurdle where underwater cohorts may seek breakeven exits. With options call interest heavily clustered up to $100,000, dealer delta hedging could amplify spot volatility if price breaks past $90,000. However, expanding open interest and rising funding rates mean leveraged longs face heightened vulnerability if returning spot supply caps the rally.