Analysis: Bitcoin Hits Resistance Again at $87,000; $82,500 May Offer Buying Opportunity

Bitcoin has run into resistance again near $87,000, and a pullback to $82,500 could present a new buying opportunity, according to analyst Ali Martinez.

On October 3, Martinez said Bitcoin recently climbed toward $87,000, but the move lost momentum before the uptrend could fully take hold. After failing once again to break above $87,000, Bitcoin could fall in the short term to $82,500, the lower end of the channel.

Martinez added that whale investors sold more than 30,000 Bitcoin during the recent advance to take profits, limiting further gains. He also said $87,000 has been a key price level that has capped Bitcoin's rise for more than two weeks.

If Bitcoin drops to $82,500 and whales start accumulating again, that could signal a buy-the-dip opportunity, Martinez said. In that case, a rebound toward $87,000 could follow.