Bitcoin keeps getting rejected at $87,000 as stocks hover near records
- 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.