Early Tuesday saw Bitcoin trading just above $86,000, reflecting a slight decrease of 0.2% over the last 24 hours. After climbing past $87,000 on Monday, it encountered significant selling pressure for the third time since September 23.
Among major cryptocurrencies, ZEC stood out with a nearly 2% increase, reaching around $1,360. In contrast, DOGE experienced a decline of almost 2%. SOL dropped by 1%, while ether, XRP, and BNB each saw minor declines of less than 1%, according to data from CoinDesk.
FxPro reported that Bitcoin briefly fell to $85,200 just before European trading commenced, yet it remains close to the upper end of its two-week trading range. The recent trend of higher lows that started at the beginning of last week is at risk, although it has not been broken yet, the firm noted.
FxPro warned that "a break below $84K would signal a victory for the bears," indicating that traders anticipating lower prices would gain the advantage. If Bitcoin drops further below the recent low of approximately $83,000, it may quickly approach the $80,000 mark.
In the bond market, there was some relief as U.S. Treasury yields fell from their highest levels since 2002, coinciding with oil prices dipping below $100 a barrel. Treasury Secretary Scott Bessent indicated that a slowdown in economic growth and spending restraint would likely reduce government borrowing "very quickly," which helped halt a global bond selloff spurred by inflation concerns linked to the U.S.-Iran conflict and expectations of continued tightening from the Federal Reserve.
Investors are awaiting the release of minutes from the Federal Reserve's latest meeting on Wednesday.