Bitcoin Rejected at $87,000 as Market Awaits Next Catalyst
Bitcoin (BTC) faced another setback as it dropped to approximately $85,600 after failing to break through the $87,000 resistance for the third time since September 23. The rejection came as the Nasdaq closed at a record high, while Treasury yields continued their upward trajectory.
In Asia, Bitcoin edged lower, with markets eagerly awaiting the next catalyst to drive movement. Analyst Chris Beauchamp from IG suggested that a quieter macroeconomic week could provide cryptocurrencies with the opportunity to make progress.
Meanwhile, traditional finance is increasingly integrating with on-chain derivatives. The Bloomberg Terminal has incorporated Hyperliquid's real-time data, which covers multiple asset classes including equities and commodities. Open interest on the platform has surged to $18 billion.
MicroStrategy reported a significant $21 billion profit in digital asset gains during the third quarter, holding a record 848,000 Bitcoins. The company also spent $176 million on share repurchases. Separately, Strive completed its largest Bitcoin purchase since June, acquiring 2,000 BTC and bringing its total holdings to 29,462 coins.