Bitcoin Rally to $87K Fizzles Amid Selling Pressure

Bitcoin's recent rally toward $87,000 has encountered resistance, leading to a pullback. The cryptocurrency reached a high of $87,000 but quickly reversed below $86,000, settling at $85,500. This marks the second time in a week that a rally has stalled near this level, raising questions about whether the momentum can be sustained.

The current trading volume is estimated at around $22 billion over 24 hours, with a market cap nearing $1.72 trillion. While these figures indicate significant activity, they do not confirm a breakout. Key support levels are identified at $82,000 and $84,000, with resistance remaining around $86,000, $87,000.

Analysts outline three possible scenarios: a bullish case where Bitcoin reclaims and closes above $88,000, a base case of range-bound trading between $82,000 and $87,000, and a bearish case where another rejection sends prices toward $84,000 or lower. The upcoming U.S. inflation data on October 14 could influence market direction, as higher inflation might lift rate expectations and pressure risk assets.