Bitcoin price stalls below 88000 resistance in New York trading
- Bitcoin price stalled below the $88,000 resistance
level in New York trading.
- Profit-taking and macro caution limited upside
momentum.
- Broader crypto markets remained range-bound.
NEW YORK (EtherX) Bitcoin news showed the bitcoin price failing to break
above $88,000 on Tuesday as selling pressure emerged near a key resistance
level amid caution ahead of U.S. economic data.
Price
Action
The world’s largest cryptocurrency
traded near $86,900, down about 1.2% on the day, after briefly touching the
$88,000 mark that has capped gains during recent sessions.
The move extended a narrow trading
range that has formed following bitcoin’s sharp rally over the past month.
Market
Context
The pause matters now because bitcoin’s recent climb has left prices vulnerable to profit-taking,
particularly as investors reassess expectations for U.S. interest rates and
inflation.
Trading activity during U.S. hours
was lighter than last week, reflecting reduced risk appetite ahead of scheduled
macroeconomic releases.
Spot market volumes across major
exchanges were lower, while derivatives positioning showed less leverage,
suggesting traders were scaling back short-term bets.
Broader
Markets
U.S. equity markets were mixed,
providing limited direction for digital assets, while Treasury yields held
steady after recent declines that had supported risk-sensitive trades.
Other cryptocurrencies moved in line
with bitcoin, with ether edging lower and major alternative tokens posting
modest losses.
Technical
Levels
Market participants continued to
view $88,000 as a critical resistance level, coinciding with previous highs
that triggered selling earlier in the year.
Failure to break above that area has
increased the risk of a pullback toward support in the mid-$80,000 range.
Regulatory
Watch
Investors also monitored
developments in Washington, where renewed discussions on digital asset
oversight have kept regulatory risk on the agenda.
Market Reaction
