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What was the prior day's trading like, and the overnight session?
🟢 October 2, 9:32am ET
Price is back at the upper end of the local range.
It is now threatening another attempt to reclaim 87,000 and push for the yearly open.
Session Summary
Price is back at the upper end of the local range, threatening another attempt to reclaim 87,000 and push for the yearly open, with bullish alignment across the higher timeframes. So far the 2025 Q4 point of control has capped the move, and a thick cluster of resting sell orders sits above 87,000 as open interest rises and spot CVD confirms. Meanwhile, the SEC's proposed crypto custody rules could expand institutional access, and payrolls missed by a mile.
🟢 October 2, 9:32am ET
Price is back at the upper end of the local range.
It is now threatening another attempt to reclaim 87,000 and push for the yearly open.
We are seeing some local consolidation on the lower timeframe.
But the higher timeframe view is strong, with bullish alignment across the board.
Price has broken above Monday's range.
It is now attempting to reclaim the yearly open.
Price is retesting the 2025 Q4 point of control.
So far, that level has capped the move.
A thick cluster of resting sell orders sits above 87,000, but open interest is rising as levered longs open, and spot CVD is confirming the move.
A breakout attempt is likely today or over the weekend in thinner books.
The question is whether there will be enough follow-through to overcome these passive sellers.
The SEC has proposed crypto custody rules for investment advisors and funds, allowing self-custody in certain cases, which could meaningfully expand institutional access.
Combined with favorable price action, where narrative follows price, this could begin to reignite the reflexive loop that sustains this momentum.
Nonfarm payrolls missed by a mile, while the unemployment rate came in a touch higher than expected.
A weakening labor market could soften the Fed's hawkish posture.
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Price has broken above Monday's range and is back at the upper end of the local range, attempting to reclaim the yearly open. The lower timeframe is consolidating, but the higher timeframe view is strong, with bullish alignment across the board.
The ceiling is well defined. The 2025 Q4 point of control has capped the move so far, and a thick cluster of resting sell orders sits above 87,000. Against that, open interest is rising as levered longs open, and spot CVD is confirming the move. A breakout attempt is likely today or over the weekend in thinner books.
The narrative is leaning in. The SEC has proposed crypto custody rules that could meaningfully expand institutional access, and payrolls missed by a mile, which could soften the Fed's hawkish posture. The question is whether there will be enough follow-through to overcome the passive sellers above 87,000.