Bitcoin Nears $87,000 Mark as U.S. Stocks Hit Record Highs

On October 7, according to Cointelegraph, the recent robust performance in the US stock market has driven the NASDAQ Composite, NASDAQ 100, and S&P 500 indices to record highs. The S&P 500 index advanced 0.8% to close at 7,835 points. Data shows that Bitcoin's correlation with US equities has intensified; as of October 2, its positive correlation coefficient with the S&P 500 rose to 0.51, reaching the highest level since early June.

In this environment, Bitcoin (BTC) is trading around $86,000, with its push toward $87,000 facing headwinds. CoinGlass data reveals that substantial ask liquidity is clustered near $87,000, forming a stepped resistance wall that limits further upside. Additionally, Keith Alan, co-founder of Crypto Trading Suite Material Indicators, noted that the current key support level sits at $83,500, near Bitcoin's 21-day simple moving average (SMA).