Bitcoin Rejected at $87,000 as Crypto Market Slips
Bitcoin fell 1.2% to about $85,600 after sellers rejected a move above $87,000 for the third time since September 23. The repeated resistance has kept Bitcoin below a potential eight-month high, despite rising local lows since the start of last week.
FxPro analyst Alex Kuptsikevich said Bitcoin is nearing the apex of a triangle pattern formed by horizontal resistance at $87,000 and rising support. A breakout or breakdown could therefore trigger increased volatility. Sustained trading above $87,000 would suggest that selling pressure has weakened and could open the way to higher prices.
The total crypto market capitalisation slipped to about $2.93 trillion, below FxPro’s $2.95 trillion resistance level. Ethereum, XRP, Solana and Dogecoin fell between 1% and 2%. BNB declined 2.5%, while Hyperliquid gained 3% and Cardano surged 11%. The Graph and NEAR also posted gains of about 7%.
Bitcoin’s weakness contrasted with firm traditional markets. The Nasdaq 100 closed at a record, while the S&P 500 remained close to its all-time high. However, the 10-year US Treasury yield rose to 5.32%, its highest level since 2002, potentially adding pressure to risk assets through tighter financial conditions.
Bearish
The immediate market signal is bearish because Bitcoin has failed three times to clear $87,000 and the broader crypto market has slipped below a key resistance level. Repeated rejection at the same price often encourages short-term traders to sell or place stop-loss orders below nearby support, increasing the risk of a breakdown from the rising-support side of the triangle.
Higher US Treasury yields are an additional headwind. The 10-year yield at 5.32% raises the opportunity cost of holding non-yielding assets and has historically pressured high-beta markets such as cryptocurrencies. The contrast between near-record US equities and weaker Bitcoin also suggests that crypto is not currently receiving the same risk-on flows as stocks.
However, the bearish view is not conclusive. Higher local lows indicate that buyers remain active, while a decisive close above $87,000 could force short covering and attract momentum traders. Similar consolidation patterns have often produced sharp moves once resistance or support breaks. In the short term, traders should monitor volume, the $87,000 breakout level and rising trendline support. In the longer term, a successful breakout could restore bullish momentum, but continued failure and a fall below support would increase downside risk across the crypto market.