ZetaPeakBTC fell back to about $85,600 after sellers turned it away from $87,000 for the third time since Sept. 23, while Nasdaq closed at a record and Treasury yields kept climbing.
Bitcoin keeps getting rejected at $87,000 as stocks hover near records
BTC fell back to about $85,600 after sellers turned it away from $87,000 for the third time since Sept. 23, while Nasdaq closed at a record and Treasury yields kept climbing.
Bitcoin fell 1.2 percent to about $85,600 after sellers rejected a move above $87,000 for the third time since Sept. 23. Analysts said Bitcoin was nearing the apex of a triangle formed by rising support and resistance at $87,000, raising the prospect of increased volatility. The broader crypto market slipped to about $2.93 trillion, even as Cardano’s ADA jumped 11 percent and major stock indexes remained near record highs.
Bitcoin fell 1.2% to about $85,600 as of Tuesday Asian morning hours after sellers turned it back from just above $87,000 on Monday — marking the third time that level has capped a rally since Sept. 23.
HYPE bucked the drop with a 3% gain to about $94. BNB was the laggard, down 2.5%, while ether, XRP, SOL and DOGE each fell between 1% and 2%. ZEC and TRX were flat, according to CoinDesk data. Outside the majors, ADA jumped 11%, GRT gained 7% and NEAR rose nearly 7%.
Bitcoin has formed "a trend of higher local lows" since the start of last week, "but the bulls have been unable to gain momentum," FxPro analyst Alex Kuptsikevich said in an email to CoinDesk.
"The price has approached the apex of the triangle formed by horizontal resistance and rising support. We should therefore be prepared for increased volatility should the price break out of this pattern," he added.
The total crypto market slipped to about $2.93 trillion, just under the $2.95 trillion that FxPro marks as resistance. The selling came even as the dollar strengthened and stock indexes held steady.
Stocks are in a stronger spot. The Nasdaq 100 closed at a record, the S&P 500 finished within 0.5% of its all-time high and MSCI's Asia Pacific gauge rose 0.1%.
Bonds kept sliding. The 10-year Treasury yield rose one basis point to 5.32%, around levels last seen in 2002, and the two-year yield climbed two basis points to 4.83%.
Elsewhere, billionaire Ray Dalio warned that the Treasury market is vulnerable to a pullback in demand from China and Japan.
Each time bitcoin has reached $87,000, a burst of selling has knocked it back. Getting past that level requires buyers who can soak up the selling and hold bitcoin above $87,000 — which would suggest the selling at that price has dried up, and clear the way to bitcoin's highest prices in eight months.
Newsletters
1U.S. scraps proposed $10,000 reporting rule for for crypto sent to private wallets14 minutes ago 2Ethereum’s Glamsterdam test gets last-minute fix before major capacity jump21 minutes ago 3Solana Foundation unveils a program to settle institutional trades in seconds. JPMorgan gave input46 minutes ago 4Crypto's campaign arm, Fairshake, sets lists of U.S. House favorites it'll spend on9 hours ago 5More than 60 U.S. stocks including Nvidia and Tesla are headed onchain. Here’s how it works11 hours ago 6U.S. CFTC joins SEC in proposing crypto regulations, though spot-market gap lingers13 hours ago 7Stripe to expand stablecoin cards to over 100 countries by the end of the year15 hours ago 8An XRP treasury SPAC surges nearly 300% ahead of Evernorth merger16 hours ago 9SEC approves a 3x fix for bitcoin and ether traders who miss the wild swings17 hours ago 10Treasury crackdown exposes crypto's role in $2 million Hamas fundraising network18 hours ago
The Definitive Stablecoin Landscape Series: Asia Pacific
The Definitive Stablecoin Landscape Series: Asia Pacific
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
Why it matters:
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
Solana Foundation unveils a program to settle institutional trades in seconds. JPMorgan gave input
More than 60 U.S. stocks including Nvidia and Tesla are headed onchain. Here’s how it works
An XRP treasury SPAC surges nearly 300% ahead of Evernorth merger