Analysis: Bitcoin's three attempts to break through $87,000 have failed; a stronger buying force is needed for a breakthrough

Bitcoin is facing selling pressure, marking the third time since September 23 that it has been blocked near $87,000. FxPro analyst Alex Kuptsikevich stated that since the beginning of last week, BTC has formed a trend of "locally higher lows," but bulls have not yet gained enough upward momentum.

The current price is approaching the apex of a triangle formed by horizontal resistance and an ascending support line. If this pattern is broken, the market may experience greater volatility. The total market capitalization of the cryptocurrency market has fallen back to about $2.93 trillion. Meanwhile, U.S. stocks have performed strongly, with the Nasdaq 100 index reaching a new closing high, and the S&P 500 index is less than 0.5% away from its historical peak. However, U.S. Treasury yields continue to rise, with the 10-year Treasury yield climbing to 5.32%, close to its highest level since 2002. Market observers believe that for BTC to break through $87,000, sufficient buying pressure is needed to absorb the selling pressure that continues to appear around that price level. Once it stabilizes at this level, it may further open up space to run towards an 8-month high.