Bitcoin nears $84,356 as crypto market cap climbs to $2.89 trillion

The broader cryptocurrency market also gained, with total market capitalisation rising to $2.89 trillion and 24-hour trading volume reaching $99.31 billion. Bitcoin's dominance in the crypto market stood at 58.6%, down 0.9%, while Ethereum accounted for 11.5% of the total, up 0.27%, and other digital assets made up the remaining 29.9%, up 0.63%.

Analysts noted that Bitcoin's rise occurred alongside a flat broader market, reflecting recovery from macro-driven selling pressure. The cryptocurrency showed an 85% correlation with the S&P 500 over seven days, suggesting shared sensitivity to interest rate movements.

Derivatives activity stabilised as Bitcoin rebounded, helping defend a key technical support level. According to market analysis, if Bitcoin holds above $82,500, it could retest resistance near $85,000. A critical factor will be whether the $84,000–$85,000 supply zone turns into support after the PCE data release on Wednesday, or if the price is rejected back toward $82,500.

Alex Kuptsikevich, chief market analyst at FxPro, observed that the crypto market remains below $2.90 trillion, keeping it in a short-term downtrend despite forming a cautious rebound from last week's lows near $2.83 trillion. He highlighted Ethereum as a key token to watch, noting its seventh consecutive week of growth and a rise above $2,700.

Riya Sehgal, research analyst at Delta Exchange, said crypto markets remain under pressure from higher US Treasury yields, oil prices, and expectations of another Federal Reserve rate hike. She advised focusing on upcoming US JOLTS data, PCE inflation on Wednesday, and the September jobs report on Friday, as stronger labour data could reinforce hike expectations and weigh on risk assets.

Sehgal added that while crypto continues to see volatility and repeated rebounds and rejections, the movement reflects macro-driven deleveraging and consolidation rather than a broad sell-off.