Bitcoin’s (BTC) bid to push above $87,000 has stalled yet again after reaching an intraday high of $86,996 during the ongoing Monday session.
The flagship cryptocurrency has faced resistance at this level since the September 21 rally, reaching close to this level before reversing. The price reached an intraday high of $87,249 on Friday before dropping back, and reached $86,792 on Sunday before retreating on Monday.
Bitcoin (BTC) Stalls At $87,000 Yet Again
Bitcoin’s impressive rally faces a test around $87,000, a level that has repulsed previous attempts to cross it and push towards $90,000. The price has failed to cross this level following the September 21 rally, when BTC rose nearly 7% to an intraday high of $87,397 before closing at $86,594. Price action has remained in range since, trading between $82,000 and $87,000.
BTC attempted a recovery on Wednesday (September 30), reaching an intraday high of $85,613 but lost momentum and closed at $83,556. Price action turned positive on Thursday, rising 1.55% to $84,848. BTC attempted to cross $87,000 again on Friday, reaching an intraday high of $87,249 before losing momentum and closing at $84,454, down 0.41%.
Price action was positive over the weekend, with BTC rising 0.28% on Saturday and 2.08% on Sunday to settle at $86,507. However, it is back in the red during the ongoing session, down 0.48% at $86,095. BTC has support around $82,000 and $84,000. A break below these levels could push the price towards $80,000.
