Analysis: Bitcoin fails to break $87,000 for third time, needs to absorb selling pressure to clear key level

PANews reported on October 6, citing CoinDesk, that Bitcoin encountered selling pressure in the $87,000 zone, marking the third time it has been blocked near $87,000 since September 23. The total crypto market cap pulled back to around $2.93 trillion, while U.S. stocks performed relatively strongly, with the Nasdaq 100 index hitting a record closing high and the S&P 500 index less than 0.5% below its all-time high. However, U.S. Treasury yields continued to climb, with the 10-year Treasury yield rising to 5.32%, near its highest level since 2002.

FxPro analyst Alex Kuptsikevich said that since early last week, BTC has formed a trend of "rising local lows," but bulls have yet to gain enough upward momentum. The price is now approaching the apex of a triangle formed by horizontal resistance and an ascending support line, and if it breaks out of this pattern, the market could see greater volatility.

Market observers believe that for BTC to break above $87,000, it needs enough buying to absorb the persistent selling pressure near that level. Once it holds above that level, it could further open up room to run toward its nearly 8-month high.