Bitcoin continued to trade around $86,000 on Tuesday as strong performance in US equities pushed major stock indexes to fresh record highs. BTC briefly moved toward $87,000 but faced resistance from heavy sell-side liquidity around the key level.
The S&P 500 gained 0.8% to reach 7,835 points, while the Nasdaq 100 and Nasdaq Composite also touched new all-time highs. Bitcoin’s correlation with the S&P 500 has strengthened, reaching 0.51 as of October 2, according to CryptoQuant data.
Despite the broader market strength, Bitcoin remained rangebound as large ask orders around $86,500 to $87,000 limited its upside. Market data showed significant liquidity concentrated near $87,000, creating resistance for further gains.
Analysts are also watching Bitcoin’s 21-day simple moving average near $83,500 as an important support level. A sustained break above $87,000 could strengthen the outlook for a move toward $91,540, while failure to hold support could keep BTC within its current trading range.
