Bitcoin declined 1.2% to approximately $85,600 on Tuesday as sellers rejected a move above $87,000 for the third consecutive time since September 23. The rejection marks a persistent resistance level that has capped multiple rally attempts over the past two weeks.
Analysts pointed to a technical pattern emerging in Bitcoin's price action. FxPro analyst Alex Kuptsikevich noted that Bitcoin has formed a trend of higher local lows since the start of the previous week, but bulls have struggled to gain momentum. The price has approached the apex of a triangle formed by horizontal resistance and rising support, positioning the market for potential increased volatility if the pattern breaks.
The broader cryptocurrency market slipped to approximately $2.93 trillion, just under the $2.95 trillion resistance level tracked by FxPro. Performance across major cryptocurrencies remained mixed: ADA jumped 11%, GRT gained 7%, and NEAR rose nearly 7%, while BNB fell 2.5% and ether, XRP, SOL, and DOGE each declined between 1% and 2%.
Traditional markets remained relatively steady despite crypto weakness. The Nasdaq 100 closed at a record high, the S&P 500 finished within 0.5% of its all-time high, and the MSCI Asia Pacific gauge rose 0.1%. The dollar strengthened during the period.
In fixed income, the 10-year Treasury yield rose one basis point to 5.32%, while the two-year yield climbed two basis points to 4.83%.
