Bitcoin traded a little above $86,000 early Tuesday, down 0.2% over the past 24 hours after another failed push above $87,000. The move marked the third time since Sept. 23 that selling intensified once BTC climbed past that level. According to CoinDesk data, performance across major tokens was mixed: ZEC led with a gain of nearly 2% to around $1,360, while DOGE fell nearly 2%. SOL lost 1%, and ether, XRP and BNB each slipped by less than 1%.
FxPro said bitcoin briefly dropped to $85,200 before European trading began, though it remained near the top of the range it has held for the past two weeks. The firm said the sequence of higher lows that started at the beginning of last week is under pressure but has not yet been broken. In FxPro’s view, a move below $84,000 would hand control to bearish traders. A further decline through the recent low near $83,000 would confirm that shift and could send BTC to $80,000 fairly quickly.
Macro markets offered some relief. U.S. Treasury yields pulled back from their highest levels since 2002 as oil fell below $100 a barrel. Treasury Secretary Scott Bessent said economic growth and spending restraint would "very quickly" begin to slow government borrowing. The pause in the global bond selloff came after inflation concerns tied to the U.S.-Iran war and expectations of continued Federal Reserve tightening had pushed yields higher. Minutes from the Fed’s last meeting are due Wednesday.
Bitcoin traded just above $86,000 early Tuesday, down 0.2% over the past 24 hours. On Monday, BTC pushed above $87,000 before running into heavy selling for the third time since Sept. 23.
Major tokens were mixed
CoinDesk data showed ZEC led the majors with a gain of nearly 2% to about $1,360. DOGE was the weakest performer, down nearly 2%. SOL fell 1%, while ether, XRP and BNB each slipped by less than 1%.
FxPro points to $84,000 as the key level
According to FxPro, bitcoin briefly slid to $85,200 before European trading opened. Even so, it remained near the top of the range it has traded in over the past two weeks. The firm said the run of higher lows that began at the start of last week is under threat, but has not broken yet.
FxPro said a break below $84,000 would signal a win for the bears, meaning traders positioned for lower prices would gain the upper hand. A further drop through the recent low near $83,000 would confirm that change and could send bitcoin to $80,000 fairly quickly, the firm said.
Bonds eased some of the pressure
Bond markets offered some relief. U.S. Treasury yields fell back from their highest levels since 2002 as oil slipped below $100 a barrel. Treasury Secretary Scott Bessent also said economic growth and spending restraint would "very quickly" start to slow government borrowing.
That helped pause a global bond selloff that had been driven by inflation fears tied to the U.S.-Iran war and expectations that the Federal Reserve will keep tightening policy.
Fed minutes due Wednesday
Minutes from the Fed’s last meeting are scheduled for release on Wednesday.
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