The $87K Wall
It’s giving major 'so close yet so far' energy for Bitcoin right now. As of Tuesday morning in Asia, BTC dropped 1.2% to roughly $85,600. Why? Because sellers are camping out right above the $87,000 mark. This is actually the third time since September 23 that the bulls tried to break through that ceiling and got sent packing.
FxPro analyst Alex Kuptsikevich pointed out that while Bitcoin is forming a "trend of higher local lows," the bulls are lowkey struggling to keep the momentum going. We’re currently looking at a classic triangle pattern on the charts, and Kuptsikevich warns that when the price eventually breaks out of this narrow range, the volatility is going to be high. Real talk: don't get reckless with your bags right now.
Market Vibes
While crypto is feeling a bit heavy—with the total market cap dipping to $2.93 trillion—the stock market is actually thriving. The Nasdaq 100 hit a record close, and the S&P 500 is sitting within 0.5% of its all-time high.
In the broader crypto space, it’s a mixed bag. BNB took an L, dropping 2.5%, while heavy hitters like ether, XRP, SOL, and DOGE all saw modest declines between 1% and 2%. On the flip side, ADA, GRT, and NEAR were putting in work with gains between 7% and 11%.
Meanwhile, the bond market is having a rough time. The 10-year Treasury yield hit 5.32%, a level we haven't seen since 2002. Billionaire investor Ray Dalio is already sounding the alarm, noting that the Treasury market might be in for a rough ride if demand from China and Japan fades.
Why it matters
Getting past $87,000 is the main character goal for Bitcoin right now. It needs a serious influx of buyers to soak up the selling pressure and prove that the bears have finally tapped out. Until then, stay risk-aware—nothing here is financial advice, and market conditions change fast.
