Bitcoin Rejection Near $87K Triggers Intraday Volatility
Bitcoin wiped out early gains on Monday as the cryptocurrency again appeared to face rejection near $87,000 amid unusual volatility for a single 24-hour period. The topsy-turvy price action tempered market excitement sparked by the belief that October, historically a bullish month for bitcoin, will deliver even greater gains than August and September.
Market data shows bitcoin’s price was hovering just above $85,200 on Sunday afternoon when a sudden rally pushed the price to $86,969, an intraday peak. Soon after reaching that mark, the price descended sharply and traded below $85,500 shortly after midnight. The cryptocurrency twice attempted another run at $87,000 but lost momentum before reaching its earlier peak.
