Bitcoin Slips to $85,000 Range as $87,000 Resistance Holds

Bitcoin is trading weakly in the $85,000 range. U.S. Treasury yields have retreated from recent highs and New York stocks have set record highs, yet bitcoin has failed to gain upward momentum, blocked by selling pressure near $87,000. With repeated attempts to break through that level falling short and price momentum slowing, whether bitcoin can clear $87,000 is seen as the key variable determining its next direction.

As of 8 a.m. on the 7th, bitcoin traded at $85,544.66 on CoinMarketCap, the global cryptocurrency data site, down 0.41% from 24 hours earlier. Ethereum (ETH) fell 0.69% to $2,696.26, and XRP dropped 0.74% to $1.49. Binance Coin (BNB) and Solana (SOL) declined 1.09% and 0.01%, respectively. Total cryptocurrency market capitalization stood at $2.93 trillion, down 0.51% from the previous day.

The domestic market showed a similar pattern. At the same time on Bithumb, bitcoin traded at 115.9 million won, down 0.69% from 24 hours earlier. ETH fell 0.46% to 3.652 million won, and XRP dropped 1.02% to 2,030 won. SOL traded at 163,600 won, down 0.30%.

Bitcoin has repeatedly lost its upward drive near $87,000. According to CoinDesk, bitcoin has tried three times since the 23rd of last month to break above $87,000 but was turned back by selling. Lows have been gradually rising while highs remain pinned near $87,000, narrowing the trading range. Alex Kuptsikevich, an analyst at FxPro, said bitcoin is approaching the apex of a triangle formed by horizontal resistance and a rising support line, adding that volatility could expand if it breaks out of that range.