Crypto Market Tests Key Resistance as Bitcoin Nears $87K
The crypto market is currently testing a key resistance level at $2.95 trillion, with Bitcoin nearing $87,000. Despite a slight retreat to $2.93 trillion at the start of European trading, a short-term uptrend has been forming since Friday. Cryptocurrencies remain in demand amid relatively stable stock markets and a strengthening US dollar. Among the top gainers over the past day were Cardano (+11.1%), The Graph (+7.1%), and Near Protocol (+6.9%), while the underperformers included BAT (−3.9%), Immutable (−2%), and Internet Computer (−1.1%).
Bitcoin briefly touched levels above $87,000 on Monday morning but faced significant selling pressure at this level, similar to previous surges on Friday and September 23. The price has approached the apex of a triangle pattern formed by horizontal resistance and rising support, suggesting potential volatility if a breakout occurs.
Near Protocol has seen a remarkable rally, gaining nearly 130% over the past 30 days. After a strong upward momentum from September 16 to 28, the coin experienced a sharp correction last week but rebounded over the weekend. The price has returned above $5, close to highs not seen since the start of last year, positioning it well to reach 2024 highs of around $8 early next year.
QCP Capital attributes Bitcoin's recent rise to significant capital inflows via spot ETFs, totaling $6.1 billion in August and September. However, if this inflow weakens, price support could disappear quickly. Meanwhile, publicly listed mining companies wrote off approximately $1.1 billion in asset value during the first half of 2026, with experts estimating the value of removed mining equipment at a further $1.5 billion.
The US SEC has proposed new rules on 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.