Analysis: If Bitcoin holds above $87,000, it could open up room to challenge higher levels.

BlockBeats news, October 6 — FxPro analyst Alex Kuptsikevich said that since September 23, Bitcoin has encountered resistance near $87,000 for the third time. From a technical perspective, Bitcoin has formed a pattern of "higher local lows" since the beginning of last week, but bulls have still been unable to generate enough upward momentum. It is now approaching the apex of a triangle formed by a horizontal resistance line and a rising support line. If the price breaks out of this pattern, the market may see higher volatility.

If bulls can absorb the selling pressure at this level and push Bitcoin to hold above $87,000, it would mean that selling pressure at that level is weakening and could open the way for Bitcoin to challenge its nearly 8-month high.