Third seller rejection at resistance level since late September
Bitcoin fell 1.2 percent to approximately $85,600 on Monday after sellers turned back the price from just above $87,000 for the third time since September 23, according to CoinDesk. The repeated rejection at that level has left the largest cryptocurrency unable to sustain momentum above a key resistance point.
Alex Kuptsikevich, analyst at FxPro, described the pattern as a “trend of higher local lows” since the start of last week, but noted that “the bulls have been unable to gain momentum.” Bitcoin has formed a triangle structure with rising support and horizontal resistance at $87,000, creating a technical setup that constrains price movement.
Kuptsikevich warned that the current pattern sets the stage for volatility. “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 said.
For Bitcoin to reach its highest prices in eight months, buyers would need to absorb selling pressure and hold above $87,000. The cryptocurrency’s inability to clear that level three times in less than two weeks suggests sellers remain entrenched at that price.
Broader crypto market under pressure
Bitcoin’s struggle reflects weakness across the wider crypto market. The total crypto market cap stood at $2.93 trillion, below FxPro’s resistance level of $2.95 trillion. Altcoins showed mixed performance: ADA jumped 11 percent, GRT gained 7 percent, NEAR rose 6.9 percent, and BNB declined 2.5 percent. HYPE token traded at $94.
Stock and Treasury markets at elevated levels
Traditional markets have continued to show strength, potentially weighing on risk assets. The Nasdaq 100 closed at a record high, while the S&P 500 finished within 0.5 percent of its all-time high. The 10-year Treasury yield rose to 5.32 percent, reaching levels last seen in 2002.
Ray Dalio, the billionaire investor, warned that the Treasury market faces vulnerability to reduced demand from China and Japan. The two-year Treasury yield stood at 4.83 percent. The MSCI Asia Pacific gauge rose 0.1 percent.
