Bitcoin keeps getting rejected at $87,000 as stocks hover near records
Bitcoin continues to face resistance at the $87,000 price level despite a broader market trend of higher local lows. Meanwhile, traditional stock markets are performing strongly, with the Nasdaq 100 reaching a record high.
Why it matters
The divergence between stagnant crypto prices and record-setting stock indices reflects shifting investor sentiment and macroeconomic pressures on global bond yields.
HYPE bucked the drop with a 3% gain to about $94. BNB was the laggard, down 2.5%, while ether, XRP, SOL and DOGE each fell between 1% and 2%. ZEC and TRX were flat, according to CoinDesk data. Outside the majors, ADA jumped 11%, GRT gained 7% and NEAR rose nearly 7%.
Bitcoin has formed "a trend of higher local lows" since the start of last week, "but the bulls have been unable to gain momentum," FxPro analyst Alex Kuptsikevich said in an email to CoinDesk.
"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 added.
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