Bitcoin at $86,000: C.F.T.C. Plans Crypto Rules Without Congress

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Washington is now writing crypto rules without Congress: After the Clarity Act stalled in the Senate, the Commodity Futures Trading Commission wants to bring order to the crypto market with rules of its own. Bitcoin is taking it in stride, hovering around $86,000 (about 76,400 euros) for days, just below a stubborn ceiling.

Bitcoin Sticks to $86,000

The largest cryptocurrency is trading at around $86,100, up a slight 0.1 percent over 24 hours and about 2.7 percent over seven days. That marks a solid recovery from the September low of just under $75,000; by late September, the price had already climbed toward $87,000. U.S. spot Bitcoin E.T.F.s are providing a tailwind after drawing billions again recently.

A breakout, however, has yet to happen. On Monday, Bitcoin briefly rose above $87,000 and ran into heavy selling there for the third time since late September. Before European trading opened, the price slipped as low as $85,200. According to the broker FxPro, the run of higher lows that began last week is under pressure but still intact. “A break below $84K would signal a victory for the bears,” FxPro said. If Bitcoin also falls through the recent low near $83,000, $80,000 could quickly come into play.