Bitcoin tests $87,000 resistance as US markets set new records

Bitcoin faced resistance near the $87,000 mark on Tuesday, fluctuating around $86,000. Meanwhile, U.S. stock markets reached new record highs, with the S&P 500 and Nasdaq indices both hitting historic peaks.

Data from CryptoQuant revealed that the correlation between Bitcoin and the S&P 500 had risen to 0.51 as of October 2. This increasing connection suggests that Bitcoin's movements are becoming more aligned with traditional financial markets.

Analysts are closely monitoring the $83,500 level as a key short-term support for Bitcoin, which is currently trading at $85,557. This support level could play a crucial role in determining the cryptocurrency's near-term price movements.