Analysis: ’s Third Attempt to Test 87000 USD Resistance; Breaking Through the Key Level Requires Absorbing Selling Pressure
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AT A GLANCE
has been rejected near September 23 for the third time since 87000 USD, with analysts watching the breakout and volatility at the triangle’s apex.
Article
Analysis: ’s Third Attempt to Test 87000 USD Resistance; Breaking Through the Key Level Requires Absorbing Selling Pressure
PANews October 6 reported, citing CoinDesk, that encountered selling pressure in the 87000 USD range, marking the third time since September 23 that it has been rejected near 87000 USD. Total crypto market capitalization fell back to approximately 2930000000000 USD, while U.S. equities performed strongly, with the Nasdaq 100 Index reaching a new closing high and the S&P 500 Index less than 0.5%from its historical high. However, U.S. Treasury yields continued to rise, with the 10-year Treasury yield rising to 5.32%, near its highest level since 2002. FxPro analyst Alex Kuptsikevich said that since the beginning of last week,BTC has formed a trend of “successively higher local lows,” but the bulls have yet to gain sufficient upward momentum. The price is now near the apex of a triangle formed by horizontal resistance and an ascending support line. If the pattern breaks, the market could see greater volatility. Market observers noted...
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🔗https://www.panewslab.com/zh/articles/01a10f89-a576-73e4-90d5-06594f21070e
Key points
01
PANews reported, citing CoinDesk, that encountered selling pressure in the 87000 USD range.
02
The article states that this is the third time since September 23 that has been rejected near 87000 USD.
03
The article states that total crypto market capitalization fell back to approximately 2930000000000 USD。
04
The article states that the Nasdaq 100 Index reached a new closing high and the S&P 500 Index was less than 0.5%。
05
The article states that the 10-year Treasury yield rose to 5.32%, near its highest level since 2002.
06
FxPro analyst Alex Kuptsikevich said that since the beginning of last week,BTC has formed a trend of “successively higher local lows,” but the bulls have yet to gain sufficient upward momentum.
07
Alex Kuptsikevich said that the price is near the apex of a triangle formed by horizontal resistance and an ascending support line; if the pattern breaks, the market could see greater volatility.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
87000 USD The area near
Why it matters to readers
Repeated rejection at the same price level indicates that the area near 87000 USD is a short-term resistance zone under market observation. If the price leaves the triangle area described in the article, volatility could expand, but the direction—upward or downward—remains undetermined.
is described as a price level that is currently struggling to overcome: the price has faced selling pressure each time it approached the level. Analysts also described recent price action as a gradually narrowing triangle, suggesting that volatility could increase after a breakout, although the original article did not confirm the breakout direction. 87000 USD Beginners may focus on whether can move above and hold above
Risks and unknowns
while understanding that technical patterns are analytical opinions and cannot guarantee the subsequent direction.
The evidence text is truncated, so the market observers’ complete views are unknown.
The price, market capitalization, index, and yield data in the article are not accompanied by original data and cannot be independently verified based solely on this evidence.
The statements about the triangle pattern and increased volatility after a breakout are analysts’ judgments, not outcomes that have already occurred.
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Related concepts
Selling pressure
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