Crypto Market Nears Key Resistance as Bitcoin Hits $87K

The crypto market is nearing a major resistance level at $2.95 trillion, after a slight retreat from recent highs to $2.93 trillion. This comes amid a short-term uptrend that began on Friday, with cryptocurrencies gaining despite a stronger US dollar and stable stock markets. Cardano, The Graph, and Near Protocol led the gains, while BAT, Immutable, and Internet Computer underperformed.

Bitcoin briefly surpassed $87,000 on Monday but faced selling pressure at this level, similar to previous attempts. A pattern of higher local lows has emerged since last week, but bulls have struggled to maintain momentum. The price is approaching the apex of a triangle formed by horizontal resistance and rising support, suggesting increased volatility ahead.

Near Protocol has been a standout performer, rising nearly 130% over the past month. After a sharp correction last week, the coin resumed its upward trend, nearing its highest levels since early 2023. Analysts predict it could reach the 2024 highs of around $8 if the market remains favorable.

QCP Capital attributes Bitcoin’s recent rise to significant capital inflows via spot ETFs, totaling $6.1 billion in August and September. The firm warns that a weakening of these inflows could erode price support. Meanwhile, publicly listed mining companies wrote off $1.1 billion in asset value during the first half of 2026, with an additional $1.5 billion in equipment removed from operations.

The US SEC proposed new rules for the custody of crypto-assets, acknowledging the market’s evolution into a multi-trillion-dollar asset class. The Independent Community Bankers of America is challenging crypto licensing rules, concerned that these firms may gain bank-like trust without meeting comparable regulatory requirements.