Why Can't Bitcoin Clear $87,000? Sellers Just Turned It Back A Third Time

Bitcoin (BTC) fell 1.2% to about $85,600 early Tuesday after sellers turned it back at $87,000, the third rejection at that level since Sept. 23.

Key Points:

• Bitcoin slipped to about $85,600 after failing at $87,000 for the third time since Sept. 23.
• An FxPro analyst said the price is nearing the apex of a triangle pattern, which could bring sharper swings.
• The Nasdaq 100 closed at a record while the 10-year Treasury yield climbed to 5.32%.

Bitcoin Price Rejection

Sellers capped the latest advance on Monday, and the largest cryptocurrency traded near $85,600 by Tuesday morning in Asia. The total crypto market slipped to about $2.93 trillion. Ether (ETH), XRP (XRP) and Solana (SOL) each lost between 1% and 2%, while Cardano (ADA) jumped 11%.

A Sunday rally lifted Bitcoin as high as $86,969 on one price feed. It slid back below $85,500, and two later runs at $87,000 lost momentum, the last ending with a drop from $86,615 to $85,503 in less than 20 minutes.

The swings reportedly wiped out more than $109 million in leveraged Bitcoin positions in the 24 hours through Monday afternoon, based on CoinGlass data. Short sellers took the larger hit. They lost $62 million, compared with $47 million for traders who had bet on higher prices.