Crypto Market Approaches Key Resistance as Bitcoin Tests $87,000
The crypto market is approaching a critical resistance level near $2.95 trillion, after pulling back slightly from its recent highs to $2.93 trillion during early European trading. This short-term uptrend, which began last Friday, is supported by steady stock market indices and a strengthening US Dollar.
The most actively traded coins over the past day include NEAR (+11.1%), MASK (+7.1%), and INJ (+6.9%) as the top gainers, while LINK (−3.9%), XMR (−2%), and AXS (−1.1%) lagged behind. Bitcoin briefly touched levels above $87,000 on Monday morning, encountering strong selling pressure, similar to what was seen on Friday and September 23. Despite this, the trend of higher local lows since the start of last week remains intact, though bulls are struggling to gain momentum.
The price is nearing the apex of a triangle pattern formed by horizontal resistance and rising support, which suggests increased volatility if the price breaks out of this pattern. NEAR has shown remarkable performance, rising almost 130% over the last 30 days. After a strong upward momentum from September 16 to 28, followed by a sharp correction, the coin resumed its net growth over the weekend, returning above $5. This places NEAR among the few altcoins making a comeback since reaching lows of $0.82 eight months ago.
QCP Capital suggests that Bitcoin’s recent rise has been driven by significant capital inflows via spot ETFs ($6.1 billion in August, September), rather than broader financial market improvements. If this inflow weakens, Bitcoin’s price support could quickly disappear. Meanwhile, publicly listed mining companies wrote off approximately $1.1 billion in asset value during the first half of 2026, and experts estimate the value of removed mining equipment at a further $1.5 billion.
The US SEC has proposed new rules for the custody of crypto-assets for investment advisers and funds, acknowledging the market’s evolution into a multi-trillion-dollar asset class. Additionally, the Independent Community Bankers of America (ICBA) is seeking a court review of licensing rules for crypto companies, citing concerns over their status and trust without meeting comparable banking requirements.