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Crypto market tests resistance near $2.95T while Bitcoin struggles at $87K
Bitcoin briefly traded above $87K, then saw a sharp selloff at that level, while Cardano, The Graph, and Near Protocol led daily gains.
The crypto market is testing a resistance area near $2.95T after pulling back slightly to about $2.93T by the start of European trading, as prices show a short-term uptrend forming since Friday, according to Action Forex.
Action Forex said cryptocurrencies were supported even as US dollar strength continued and major stock market indices stayed relatively steady. In the most actively traded coins over the past day, Cardano rose 11.1%, The Graph gained 7.1%, and Near Protocol added 6.9%, while BAT fell 3.9%, Immutable dropped 2.0%, and Internet Computer declined 1.1%.
On Monday morning, Bitcoin briefly traded above $87K, but the outlet reported a sharp surge in selling at that level, a pattern it noted also occurred on Friday and on 23 September. The report also pointed to higher local lows since the start of last week, with price behavior approaching the apex of a triangle formed by horizontal resistance and rising support.
Action Forex warned that traders may see increased volatility if Bitcoin breaks out of the current pattern, while also noting Near Protocol has been one of the leading gainers on both a daily and a longer time frame.
Latest closeBitcoin $85,938.53 ▼0.6%