Bitcoin Rejected at $87K for Third Time as Nasdaq Hits Record

What happened: Bitcoin dropped 1.2% to around $85,600 after being rejected at the $87,000 resistance level for the third time since September 23. Meanwhile, the Nasdaq 100 closed at a record high, and the S&P 500 is within 0.5% of its own all-time high. US 10-year Treasury yields rose to 5.32%, their highest since 2002. The total crypto market cap stands at $2.93 trillion, with notable gains in ADA (+11%), GRT (+7%), and NEAR (+7%), while BNB fell 2.5%.

Why it matters: Bitcoin’s repeated failure to break $87,000, despite strength in US equities, points to persistent technical resistance and possible profit-taking by traders. Rising Treasury yields add pressure, as higher risk-free returns make speculative assets less attractive. However, the pattern of rising local lows suggests that buyers are still accumulating, setting the stage for increased volatility if a breakout occurs.

Source: CoinDesk