CoinDesk
Bitcoin fell 1.2% to about $85,600 after sellers rejected a move above $87,000 for the third time since Sept. 23. The level has capped each recent rally, while rising support has formed a triangle pattern that analysts say is nearing its apex.
Why it matters
Repeated failure at $87,000 shows buyers have yet to absorb the selling at that level. FxPro analyst Alex Kuptsikevich said Bitcoin has made higher local lows since the start of last week, but bulls have not gained momentum. A break from the tightening pattern could bring increased volatility.
The pullback also came as the broader crypto market slipped to about $2.93 trillion, just below the $2.95 trillion resistance level identified by FxPro. The dollar strengthened and Treasury yields climbed, while major stock indexes remained close to record highs.
Market impact
The Nasdaq 100 closed at a record, and the S&P 500 finished within 0.5% of its all-time high. The 10-year Treasury yield rose one basis point to 5.32%, around levels last seen in 2002, while the two-year yield added two basis points to 4.83%. Ray Dalio warned that the Treasury market is vulnerable to weaker demand from China and Japan.
Crypto moves were mixed: Cardano’s ADA jumped 11%, while BNB fell 2.5%. Ether, XRP, SOL and DOGE each lost between 1% and 2%. A sustained move above $87,000 would indicate that selling pressure at the ceiling has eased; until then, that level remains the key resistance to watch.
Frequently asked questions
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How many times has $87,000 rejected Bitcoin since Sept. 23?
Sellers have turned Bitcoin back from $87,000 three times since Sept. 23. The repeated failures have kept the level in focus as resistance.
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What pattern is Bitcoin forming near $87,000?
Bitcoin has formed a triangle with horizontal resistance at $87,000 and rising support. FxPro analyst Alex Kuptsikevich said the pattern is nearing its apex.
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What did FxPro say about the Bitcoin setup?
Kuptsikevich said Bitcoin has made higher local lows since the start of last week, but buyers have not gained momentum. He said a breakout could bring increased volatility.
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How did Treasury yields move as Bitcoin fell?
The 10-year Treasury yield rose one basis point to 5.32%, around levels last seen in 2002. The two-year yield climbed two basis points to 4.83%.
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Which named crypto assets gained while Bitcoin and other majors fell?
Cardano’s ADA jumped 11%. BNB fell 2.5%, while Ether, XRP, SOL and DOGE each declined between 1% and 2%.
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