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BTC Bitcoin returns above the US$87,000 mark, and bulls are ready to go.
Bitcoin (BTC) has started a new week with a strong upward trend, with prices moving back towards the US$87,000 level. Driven by growing buying interest, the cryptocurrency market leader climbed as high as about $86,950, just about $500 short of its eight-month high. However, selling pressure triggered in key resistance areas caused Bitcoin to retract some of its gains and the price fell back below $86,000 again. Bitcoin's value has increased by about 1.3% in the past 24 hours, and investors are now focusing on the resistance range of $87,000 to $87,400 to determine whether the rally can continue.
Attempt to break through the $87,000 mark
The upward momentum on Sunday throughout the day, and as the buying speed accelerated, the Bitcoin price successfully stabilized above $86,000. But after hitting a high of about $86,950, selling pressure emerged and prices fell about $1,000 from their high. The volatility brought Bitcoin once again close to its eight-month record high of approximately $87,400 set at the end of September. However, the buyer has temporarily failed to effectively break through this key resistance area.
It is worth noting that Bitcoin's rise in the $87,000 area was blocked, marking the second failed attempt to break through in nearly a week. Earlier on Wednesday, Bitcoin briefly rose to $85,500, boosted by lower-than-expected U.S. inflation data, but then quickly retracted a large amount of the increase. As a result, the US$87,000 to US$87,400 range has become a key resistance zone affecting Bitcoin's short-term trend. The market is closely watching whether buyers can build lasting support above this price, which will determine the continuity of a new round of rising prices.
Macro data provides support for currency prices
Weak U.S. employment data released on Friday eased market pressure on the Federal Reserve to raise interest rates further. This change in the macroeconomic environment has become one of the important factors supporting demand for risky assets, including Bitcoin. Global stock markets also showed a positive trend: the Nasdaq 100 index closed at a record high on Friday, and Asia-Pacific markets also showed a positive performance. Despite this, the continued strength of the US dollar is still one of the factors affecting Bitcoin's upside that requires close attention.
Technical Analysis and Outlook
For Bitcoin, US$87,000 is the current core concern. If Bitcoin's daily closing price can firmly stand above this position, it may become a strong signal to break the high of $87,400 at the end of September. On the contrary, if the price is rejected again by the $87,000 region, it may trigger short-term profit-taking selling pressure. As a result, investors are closely tracking daily closing prices and price dynamics in this resistance range.
Summary assessment:
Bitcoin's rise to $86,950 suggests that the market still has buying sentiment, while selling pressure near $87,000 highlights the strength of resistance in the region. If Bitcoin can break through the US$87,000 to US$87,400 range with abundant trading volume, the upward momentum is expected to further strengthen; if it cannot break through, short-term fluctuations and profit-taking may continue. Therefore, daily closing conditions in the next few trading days will be crucial for Bitcoin investors.
