Bitcoin slips to $85,600 after third rejection at $87,000 since Sept. 23
In brief
- Bitcoin fell 1.2% to about $85,600 by Tuesday Asian morning hours, per CoinDesk data.
- The $87,000 level has capped a bitcoin rally three times since Sept. 23.
- FxPro's Alex Kuptsikevich flagged possible volatility if price breaks out of a triangle pattern.
- Nasdaq 100 closed at a record as the 10-year Treasury yield rose to 5.32%, CoinDesk reported.
A ceiling that keeps holding
Each time bitcoin has reached $87,000, a burst of selling has knocked it back, CoinDesk reported. Getting through would take buyers who can absorb that supply and hold the price above the level (which, per CoinDesk, would clear the way to bitcoin's highest prices in eight months).
That hasn't happened yet.
FxPro analyst Alex Kuptsikevich told CoinDesk by email that bitcoin has formed a trend of higher local lows since the start of last week, but bulls haven't been able to build momentum. He also pointed to a narrowing pattern on the chart.
"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, CoinDesk reported. That's just under the $2.95 trillion level FxPro marks as resistance.
Majors mostly lower, a few outliers
BNB was the weakest of the majors, down 2.5%, while ether, XRP, SOL and DOGE each fell between 1% and 2%, according to CoinDesk data. ZEC and TRX were flat. HYPE went the other way, gaining 3% to about $94.
Outside the majors, the moves were bigger. ADA jumped 11%, GRT gained 7% and NEAR rose nearly 7%.
Stocks near records, yields climbing
The crypto selling didn't track equities. 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%, CoinDesk reported.
Treasury yields rose too. The 10-year yield gained one basis point to 5.32% and the two-year yield climbed two basis points to 4.83%, according to the same report. For now, bitcoin's still stuck below a level it's failed to clear three times since Sept. 23.
