The Crypto Market Is Edging Closer to a Key Resistance Level

Bitcoin Nears Breakout at $87K as Near Protocol Jumps 130%

The crypto market continues to test the resistance level near $2.95T, having retreated slightly from local highs to $2.93T by the start of European trading. That said, a short-term uptrend has been forming since Friday. Cryptocurrencies are in demand against a backdrop of relatively steady stock market indices and despite the strengthening of the US dollar. Among the most actively traded coins over the past day, the top gainers were Cardano (+11.1%), The Graph (+7.1%) and Near Protocol (+6.9%). The underperformers were BAT (−3.9%), Immutable (−2%) and Internet Computer (−1.1%).

On Monday morning, Bitcoin briefly touched levels above $87K. As on Friday, and also on 23 September, it encountered a sharp surge in selling at this level. That said, a trend of higher local lows has been clearly visible since the start of last week, but the bulls have been unable to gain momentum. The price has approached the apex of the triangle formed by horizontal resistance and rising support. We should therefore be prepared for increased volatility should the price break out of this pattern.

Near Protocol is not only among the top gainers over the past day. Over the last 30 days, this coin has risen by almost 130%. A strong upward momentum from 16 to 28 September was followed by a sharp correction last week, but over the weekend, the coin’s net growth resumed. The price has returned above $5, close to the highs seen since the start of last year, and this is one of the few ‘comebacks’ in the altcoin market following the $0.82 lows reached eight months ago. Barring a sudden reversal in the crypto market, the coin is well placed to reach the 2024 highs of around $8 early next year.

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QCP Capital believes that Bitcoin’s recent rise has been driven by inflows of significant capital via spot ETFs ($6.1 billion in August–September), rather than by an improvement in the overall financial market environment. If this capital inflow weakens, support for the price could quickly disappear.

Publicly listed mining companies wrote off approximately $1.1 billion in asset value during the first half of 2026 against a backdrop of business restructuring and the transition to artificial intelligence, according to calculations by TheEnergyMag. Meanwhile, experts estimate the value of equipment removed from mining operations at a further $1.5 billion.

The US SEC has proposed new rules on the custody of crypto-assets for investment advisers and funds. The crypto-asset market has evolved from a niche phenomenon into a multi-trillion-dollar asset class that investors are actively seeking access to, said SEC Chair Paul Atkins.

The Independent Community Bankers of America (ICBA) is seeking a court ruling to review the licensing rules for crypto companies. The ICBA fears that these firms may gain the status and trust associated with banks without meeting comparable requirements for capital, supervision and deposit insurance.

The FxPro Analyst Team