Bitcoin fell back to roughly $85,600 after sellers once again rejected an attempt to move above $87,000. The move came as the Nasdaq 100 reached a record close, while U.S. Treasury yields continued their climb.

BTC was down 1.2% at about $85,600 during Tuesday’s Asian morning session. On Monday, the cryptocurrency briefly moved above $87,000 before reversing lower, marking the third rejection of that level since Sept. 23.

The decline extended across much of the major-token market. BNB dropped 2.5%, the largest loss among the leading cryptocurrencies, while ether, XRP, SOL and DOGE each declined between 1% and 2%. ZEC and TRX were broadly flat, according to CoinDesk data.

HYPE was one of the exceptions, gaining 3% to about $94. ADA outperformed the broader market with an 11% jump, while GRT rose 7% and NEAR advanced nearly 7%.

Bitcoin has managed to establish “a trend of higher local lows” since the beginning of last week, according to FxPro analyst Alex Kuptsikevich. However, he said buyers have not yet generated enough momentum to push the cryptocurrency higher.

Kuptsikevich said BTC is approaching the apex of a triangle pattern bounded by horizontal resistance and rising support. A breakout from the formation could bring a notable increase in volatility, he said.

The total cryptocurrency market value declined to around $2.93 trillion, slightly below the $2.95 trillion resistance level tracked by FxPro. Crypto prices weakened even as the U.S. dollar gained ground and stock markets remained steady.

Treasury Yields Continue Higher

U.S. equities remained close to their strongest levels. The Nasdaq 100 finished at a record, while the S&P 500 closed within 0.5% of its all-time high. MSCI’s Asia Pacific index added 0.1%.

Treasury yields moved higher despite the strength in stocks. The 10-year yield rose one basis point to 5.32%, near levels last reached in 2002. The two-year yield gained two basis points to 4.83%.

Ray Dalio, the billionaire investor, separately warned that the Treasury market could be vulnerable if demand from China and Japan weakens.

For bitcoin, $87,000 remains the key hurdle. Each approach to the level has been followed by renewed selling, preventing BTC from establishing a lasting breakout.

Bulls will need to absorb the supply around $87,000 and maintain prices above the threshold to confirm a breakout. A successful move through the resistance could indicate that sellers have been exhausted and potentially open a path toward bitcoin’s highest levels in eight months.