Bitcoin Rejected at $87,000 Again as Stocks Hit New Highs

Bitcoin faced another setback on Monday, dropping 1.2% to approximately $85,600 after sellers blocked its third attempt to surpass the $87,000 mark since September 23. Analysts note that the cryptocurrency is nearing the peak of a triangle pattern formed by rising support and resistance levels, suggesting heightened volatility ahead.

While Bitcoin struggled, Cardano’s ADA surged 11%, standing out among the broader crypto market, which slipped to about $2.93 trillion. Other major cryptocurrencies like ether, XRP, SOL, and DOGE saw minor declines between 1% and 2%. HYPE bucked the trend with a 3% gain, while BNB lagged with a 2.5% drop.

FxPro analyst Alex Kuptsikevich observed that Bitcoin has been forming higher local lows since the beginning of last week but has lacked momentum to push higher. He warned that a breakout from the current triangle pattern could lead to significant price movements.

Meanwhile, traditional markets showed strength, with the Nasdaq 100 closing at a record high and the S&P 500 nearing its all-time peak. The 10-year Treasury yield rose to 5.32%, while billionaire Ray Dalio cautioned about potential vulnerabilities in the Treasury market due to reduced demand from China and Japan.