Bitcoin Struggles Near $87K as US Markets Reach New Heights
- Bitcoin (BTC) hovered around $86,000 on Tuesday, attempting to breach the $87,000 mark but facing resistance from ask liquidity.
- The S&P 500 Index hit a new all-time high of 7,835 points after gaining 0.8%.
- The current support level for BTC is identified at $83,500, based on its 21-day simple moving average (SMA).
- A correlation of +0.51 between Bitcoin and the S&P 500 was noted, the highest since early June.
- Liquidity data indicates significant sell orders clustered around $87,000 and extending down to $86,500.
As US stock markets reach record highs, Bitcoin’s price remains under pressure due to liquidity challenges at key levels. The ongoing correlation between BTC and equities highlights investor sentiment across both asset classes.
With Bitcoin currently supported at $83,500 and struggling against overhead resistance near $87,000, market dynamics are crucial for future movements in both Bitcoin and traditional equities like the S&P 500.
