Bitcoin is trading sideways near the upper edge of a two-week range, but the on-chain picture is starting to look healthier, and a growing group of analysts argues the cryptocurrency could mount another attempt at $100,000.

Range-Bound but Firming

BTC changes hands at $86,152.26, close to the top of the $83,000 to $86,700 band it has held for roughly two weeks. Price data from CoinGecko at the time of publication shows gains of 0.31% and 2.22% over the past day and week, respectively, with daily trading volume standing at $27.97 billion.

Some analysts now argue the tight range could give way to a push toward $100,000, a round number that traders often treat as a psychological marker. For now, price action remains contained.

Support Builds Near $84,000

Crypto analyst Ali Charts says Bitcoin has constructed a major support zone between $83,300 and $84,600, where URPD data shows 1.59 million BTC changed hands.

BITCOIN: ANOTHER ATTEMPT AT $100,000? 1/5 🧵👇

— Ali Charts (@alicharts) October 6, 2026

URPD, or UTXO Realized Price Distribution, tracks the prices at which coins last moved. A thick cluster indicates that many holders acquired their coins near that level, and those holders often defend their entry price, effectively giving buyers a floor.

Large holders appear to be leaning in as well. According to Ali Charts, whales have added more than 14,335 BTC since October 1, a stake worth about $1.22 billion. Tracking whales — wallets that hold very large amounts of bitcoin — is a fixture of on-chain analysis, since their accumulation or distribution shifts sizable amounts of supply, and changes in their balances are widely read as a gauge of conviction among the market's biggest participants.

Clearing $86,700 Could Open the Door to $100K

The same URPD data shows thin supply overhead. If support holds and BTC clears $86,700, Ali Charts sees no comparable supply concentration until approximately $105,000. Fewer coins sitting at breakeven means fewer sellers waiting to exit at those levels.

Trader SIRRILLAH reads the chart in similar terms. He points out that BTC first broke through $66,000 resistance and then $82,000, with each break opening the next target — $87,000 is now in view. A break and hold above $87,000, he says, could open the move toward $100,000.

Daan Crypto Trades expects volatility when that moment arrives. He notes that $85,000 is tested almost daily, reacting as both support and resistance. Marginally lower highs sit above $87,000, with a similar cluster near $83,000, and he anticipates a squeeze once either level gives way — trader shorthand for a sharp move that feeds on itself as losing-side positions are forced to close, magnifying the swing.

Why Some Traders Remain Cautious

The bullish case is not unanimous in the short term. Trader Lennaert Snyder is defending the $85,000 previous daily low and holds a small scalp hedge-short targeting $84,400. The hedge label matters: rather than an outright bear bet, a position of that kind is a small, short-lived offsetting trade used to manage risk while a larger directional view plays out.

$BTC is trying to defend the 85K PDL. As mentioned yesterday, I'm in a little scalp hedge-short with 84.4K as target. Yesterday Bitcoin filled the last untested 4H FVG and bounced back. If we want to see a run of the 87.2K highs first, we need to see this level hold. I'm… pic.twitter.com/t7KRBBUql2

— Lennaert Snyder (@LennaertSnyder) October 6, 2026

Snyder says the higher-timeframe bias remains bullish, but he wants to see $84,900 hold before scalping long. If price dumps, his final target is $82,500.

SIRRILLAH flags the same downside risk. If $87,000 keeps acting as resistance, he sees $74,000 as a potential downside level.

The Levels That Matter

The map ahead is clearly defined. The floor for now is the $83,300 to $84,600 support zone, with $86,700 as the line bulls must cross. Buyers have to protect the lower band first; a clean move above $86,700 would then reopen the road to $100,000.

A slip below support would change the picture. Analysts point to $82,500 as the next stop on the way down, with $74,000 the level they are tracking beneath it.

Source: Live Bitcoin News