What to Know
- The crypto market is testing resistance near $2.95T after easing slightly to $2.93T by the start of European trading.
- Bitcoin briefly moved above $87K on Monday morning but again met heavy selling around that level.
- A short-term uptrend has been developing since Friday, with Bitcoin forming higher local lows since the start of last week.
- Cardano gained +11.1%, The Graph rose +7.1%, and Near Protocol advanced +6.9% among actively traded coins over the past day.
- BAT fell −3.9%, Immutable declined −2%, and Internet Computer slipped −1.1% among the weaker performers.
- Near Protocol has risen by almost 130% over the last 30 days and has returned above $5.
- Spot ETF inflows of $6.1 billion in August–September have been cited by QCP Capital as a major driver of Bitcoin’s recent rise.
- The US SEC has proposed new custody rules for crypto-assets held by investment advisers and funds.
Crypto Market Holds Near a Major Test
The crypto market is pressing against a key resistance area near $2.95T, keeping traders focused on whether the latest advance can extend or whether another rejection will develop. By the start of European trading, total market capitalization had retreated slightly from local highs to $2.93T, but the broader picture still reflects firm demand across major digital assets. The short-term uptrend that has been forming since Friday remains intact, even as momentum has not yet delivered a decisive breakout.
The market backdrop is notable because cryptocurrencies have held demand while stock market indices remain relatively steady and the US dollar strengthens. A stronger dollar can sometimes weigh on risk-sensitive assets, including crypto, because it may reflect tighter financial conditions or higher demand for cash. In this case, however, digital assets have continued to attract buyers, suggesting that crypto-specific flows and technical positioning are playing an important role in the latest move.
For FXCOINZ market coverage, the key question is not only whether the market can move beyond $2.95T, but whether it can sustain trade above that area. Resistance levels often matter because they mark zones where sellers previously became more active. If buyers absorb that supply, technical traders may interpret the move as confirmation that the market is ready to reprice higher. If selling again dominates, the area could become a ceiling for the short-term advance.
Bitcoin Stalls Near $87K as Triangle Tightens
Bitcoin briefly touched levels above $87K on Monday morning, but the move again encountered a sharp wave of selling. Similar pressure appeared on Friday and also on 23 September, reinforcing $87K as an important short-term barrier. The repeated reaction around this level shows that buyers have been able to push price into resistance, but have not yet managed to produce the force needed to break through decisively.
At the same time, Bitcoin has been building a pattern of higher local lows since the start of last week. That structure indicates that buyers have stepped in at progressively higher levels, which is often viewed as a sign of improving short-term demand. The result is a tightening technical formation, with horizontal resistance above and rising support below. Price has approached the apex of that local triangle, creating conditions where volatility may increase if the pattern breaks.
Some chart watchers view this type of setup as a compression phase. When price movement narrows between resistance and support, market participants often prepare for a larger move once one side of the range gives way. A breakout above resistance could encourage momentum traders to enter, while a loss of rising support could trigger defensive selling from traders who had positioned for continuation. For now, Bitcoin remains close enough to $87K that the level continues to dominate near-term attention.
Altcoin Performance Splits Across the Market
Altcoin trading has been uneven, with several actively traded coins outperforming while others lag. Over the past day, Cardano was among the top gainers with a rise of +11.1%, followed by The Graph at +7.1% and Near Protocol at +6.9%. These gains show that capital is still rotating into select names rather than lifting the entire market uniformly.
The weaker side of the market included BAT, which declined −3.9%, Immutable, which fell −2%, and Internet Computer, which slipped −1.1%. The mixed performance matters because broad participation is often watched as a sign of market health. When gains are concentrated in only a few tokens, traders may remain cautious about the durability of the wider move. When more segments participate, confidence in a broader breakout can increase.
For now, the market’s mixed tone suggests that traders are being selective. Large-cap crypto assets remain important for direction, but individual token narratives and technical recoveries are influencing relative performance. That is especially clear in Near Protocol, which has become one of the most closely watched rebounds in the current altcoin landscape.
Near Protocol Extends a Powerful Rebound
Near Protocol stands out not only because it gained +6.9% over the past day, but also because it has risen by almost 130% over the last 30 days. The token saw strong upward momentum from 16 to 28 September, then suffered a sharp correction last week. Over the weekend, however, net growth resumed, returning the token above $5.
The move above $5 places Near Protocol close to highs seen since the start of last year. That makes its rebound one of the more notable comeback stories in the altcoin market, especially after the token traded near $0.82 eight months ago. Such a recovery can attract both trend-following traders and longer-term market participants who view a sustained reversal as evidence that sentiment toward the asset has changed.
Still, the outlook remains dependent on wider crypto market conditions. Barring a sudden reversal in the crypto market, some chart watchers see Near Protocol as well placed to reach the 2024 highs of around $8 early next year. That view remains conditional, however, because altcoins tend to be highly sensitive to broader risk appetite. If Bitcoin fails at resistance or the total market cap retreats sharply from $2.95T, Near Protocol could face renewed pressure despite its recent strength.
ETF Inflows Remain Central to Bitcoin Sentiment
Bitcoin’s recent rise has also been linked to strong capital inflows through spot ETFs. QCP Capital believes the move has been driven by significant inflows via spot ETFs, with $6.1 billion entering in August–September, rather than by a broad improvement in the overall financial market environment. This distinction matters because it frames the rally as flow-led rather than purely macro-led.
If ETF demand continues, it may keep providing a source of support for Bitcoin prices. Spot ETF inflows can influence market dynamics because they reflect demand from investors accessing Bitcoin through regulated investment products. When those products attract large inflows, issuers typically need exposure to the underlying asset, which can tighten available supply in the market.
However, the same logic creates a risk if inflows slow. QCP Capital has warned that if this capital inflow weakens, support for the price could quickly disappear. That does not mean a downturn is inevitable, but it does mean traders are likely to monitor ETF flow data closely as Bitcoin tests $87K. A breakout built on sustained inflows may carry more credibility than one occurring while demand through those vehicles is fading.
Mining Sector Adjusts as Business Models Shift
Publicly listed mining companies wrote off approximately $1.1 billion in asset value during the first half of 2026 amid business restructuring and a transition toward artificial intelligence, according to calculations by TheEnergyMag. The shift reflects a broader change across parts of the mining industry, where some operators are reassessing how to use infrastructure, power contracts and data center capacity.
Experts also estimate the value of equipment removed from mining operations at a further $1.5 billion. Those figures underline the pressure on mining firms as they adapt to changing economics and new business opportunities. Mining companies have historically been highly sensitive to Bitcoin’s price, network conditions and capital costs. When conditions change, asset values and strategic priorities can shift quickly.
The transition toward artificial intelligence is especially significant because mining infrastructure and high-performance computing can overlap in certain operational areas. Even so, repurposing assets is not always straightforward. Companies must consider hardware suitability, power availability, cooling systems, financing and customer demand. For investors, write-offs and restructuring can be a sign of stress, but they can also reflect attempts to reposition businesses for new revenue streams.
Regulatory Focus Turns to Custody and Licensing
The US SEC has proposed new rules on the custody of crypto-assets for investment advisers and funds. SEC Chair Paul Atkins said the crypto-asset market has evolved from a niche phenomenon into a multi-trillion-dollar asset class that investors are actively seeking access to. The proposal underscores how regulators continue to focus on the infrastructure surrounding digital assets, not only on the tokens themselves.
Custody rules are important because they shape how investment advisers and funds hold client assets. In crypto, custody involves distinct risks, including private key management, operational controls, security protocols and recovery procedures. Clearer rules may help traditional financial institutions engage with digital assets, but they may also raise compliance costs for firms operating in the space.
Separately, the Independent Community Bankers of America is seeking a court ruling to review licensing rules for crypto companies. The group fears that these firms may gain the status and trust associated with banks without meeting comparable requirements for capital, supervision and deposit insurance. That concern reflects a long-running policy debate over how closely crypto firms should be regulated when their services resemble banking or payments activity.
Market Outlook: Breakout or Rejection?
The immediate outlook depends heavily on whether the crypto market can overcome the resistance zone near $2.95T and whether Bitcoin can move cleanly beyond $87K. Both levels have become focal points for traders because they represent nearby barriers where selling has already appeared. A convincing move above them could strengthen the short-term bullish case, particularly if ETF inflows remain supportive and altcoin participation broadens.
On the other hand, failure to break higher could encourage profit-taking. The market has already shown that sellers are active near Bitcoin’s current resistance, and the total market cap has eased slightly after approaching local highs. If support levels give way inside the current triangle structure, volatility could expand to the downside. For that reason, many market participants are watching not just price direction, but the quality of the move, including volume, breadth and follow-through.
For now, crypto remains in a constructive but unresolved phase. Demand is present, ETF flows have supported Bitcoin, and select altcoins such as Near Protocol continue to outperform. Yet resistance remains clearly defined, and the next decisive move may set the tone for the market’s near-term path.
Frequently Asked Questions (FAQs)
What resistance level is the crypto market testing?
The crypto market is testing resistance near $2.95T after pulling back slightly to $2.93T by the start of European trading.
Why is Bitcoin’s $87K level important?
Bitcoin briefly moved above $87K on Monday morning but met sharp selling there, as it also did on Friday and on 23 September, making the area a key short-term resistance level.
What technical pattern is Bitcoin forming?
Bitcoin has approached the apex of a local triangle formed by horizontal resistance and rising support, a setup that can precede increased volatility if price breaks out of the pattern.
Which coins were the strongest performers over the past day?
Among actively traded coins, Cardano gained +11.1%, The Graph rose +7.1%, and Near Protocol advanced +6.9% over the past day.
Which coins underperformed over the past day?
BAT fell −3.9%, Immutable declined −2%, and Internet Computer slipped −1.1%, making them among the weaker actively traded coins over the past day.
How much has Near Protocol gained over the last 30 days?
Near Protocol has risen by almost 130% over the last 30 days, with its price returning above $5 after a sharp correction last week.
What has supported Bitcoin’s recent rise?
QCP Capital believes Bitcoin’s recent rise has been driven by significant capital inflows through spot ETFs, including $6.1 billion in August–September.
What risk is tied to ETF-driven support?
If spot ETF inflows weaken, support for Bitcoin’s price could quickly disappear, meaning traders are closely watching whether demand through those products remains strong.
What is the SEC proposing for crypto-assets?
The US SEC has proposed new rules on the custody of crypto-assets for investment advisers and funds as digital assets continue to develop into a multi-trillion-dollar asset class.