Bitcoin Holds Near $86,000 as US Stocks Set Records

Bitcoin traded near $86,000 on Tuesday after another attempt to reach $87,000 met resistance from sell orders between $86,500 and $87,000. Order-book data showed the largest concentration of sell-side liquidity near $87,000.

US stocks reached record highs after Wall Street opened. The S&P 500 rose 0.8% to 7,835, while the Nasdaq 100 reached 31,312 and the Nasdaq Composite climbed to 27,683. The S&P 500 has gained 24% since March 30, adding about $71.3 trillion in value, according to market data.

Bitcoin’s correlation with the S&P 500 stood at 0.51 on Oct. 2, its highest level since early June. The two markets continued to trade within different short-term ranges on Tuesday.

Expectations for a slower pace of Federal Reserve interest-rate increases in the fourth quarter of 2026 have supported the stock market outlook. An asset-management analysis noted that only about 25% of S&P 500 companies traded above their 50-day moving averages last week. Technology stocks accounted for much of the market’s recent gains.

Bitcoin’s 21-day simple moving average stood near $83,500, providing nearby support. A break below that level could put $82,500 in view. A sustained rise above $87,000 would reduce the sell orders concentrated near the top of Bitcoin’s recent range.

Keith Alan, co-founder of Material Indicators, wrote in an Oct. 1 market update that he was watching Bitcoin near $83,555, the structure of a possible test of $82,500 and whether buyers could clear the $87,375 monthly signal threshold. He added that reclaiming and holding the $87,496 yearly open could support a move above $91,540.