Live updates: Bitcoin remains locked in range as stocks notch another new record high

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FxPro says a slide below $84,000 would hand control to sellers and put $80,000 in play. Minutes from the Fed’s last meeting come out Wednesday.

By Shaurya Malwa and James Van Straten

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WTI crude oil for November delivery is lower by 2.3% to $87.36 per barrel, its weakest price since late August. Earlier Tuesday, it had fallen back to $86.88.

Diesel fuel (heating oil) is down similarly, and at $4.41 per gallon is down 15% after hitting a record high about three weeks ago.

There’s no particular good news out of the Middle East, but there’s also no bad news.

That’s giving some support to the bond market, with the 10-year U.S. Treasury yield down 4 basis points to 5.27%. Risk markets are higher, led by Nasdaq 100 futures higher by 0.6%.

Crypto is higher from late Monday lows, but the majors are about flat over the past 24 hours.

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The yield spread between French 10-year OATS and German 10-year Bunds — colloquially known as “Le Spread” — has narrowed more than 10 basis points on Tuesday to 125 basis points. Just days ago, the spread had spiked to 160 basis points, suggesting another EU debt crisis might be at hand.

Her party leading in the polls, presidential hopeful Marine Le Pen proposed a plan to narrow France’s government budget deficit to 3.7% of GDP next year and 2.2% by 2032 — both well below the targeted 5%.

In absolute terms, the yield on French 10-year paper is down 13 basis points to 4.73%, while German yields are lower by 2 basis points.

“Note that this is a shadow budget, so in effect what she would propose if her party was in power,” said UBS’s Nana Antiedu. “Assuming Le Pen’s party were to win the 2027 presidential election and go through the legal process of changing the budget, a deficit of 3% by 2032 is quite ambitious, and would require her to gain agreement from the other parties.”

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Tech stocks continue to set records, with Invesco QQQ rising another 0.5% to an all-time high of $760. Nvidia NVDA$241.60·Market Closed also reached a record $241 per share in premarket trading on Tuesday.

A modest retreat in bond yields, the dollar and oil prices is supporting risk appetite. The U.S. 10-year Treasury yield fell to 5.258%, while the dollar index slipped below 102 and WTI crude dropped back to $87 a barrel.

Bitcoin climbed above $86,000, while gold gained almost 1% to trade just below $4,200 an ounce.

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Bitcoin traded just above $86,000 early Tuesday, down 0.2% over 24 hours. On Monday it pushed above $87,000 and ran into heavy selling for the third time since Sept. 23.

ZEC led the majors with a gain of nearly 2% to about $1,360. DOGE was the laggard, down nearly 2%. SOL fell 1%, and ether, XRP and BNB each slipped less than 1%, CoinDesk data shows.

According to FxPro, bitcoin briefly slid to $85,200 before European trading opened. It’s still near the top of the range it has traded in for the past two weeks. The run of higher lows that began at the start of last week is under threat, the firm said, but hasn’t broken yet.

“A break below $84K would signal a victory for the bears,” FxPro said, meaning traders betting on lower prices would have the upper hand. A further fall through the recent low near $83,000 would confirm that shift and could send bitcoin to $80,000 fairly quickly, according to the firm.

Bonds offered some relief. U.S. Treasury yields fell from their highest since 2002 as oil slipped below $100 a barrel. Treasury Secretary Scott Bessent also said economic growth and spending restraint would “very quickly” start to slow government borrowing. That paused a global bond selloff driven by inflation fears tied to the U.S.-Iran war and bets that the Fed will keep tightening.

Minutes from the Fed’s last meeting come out Wednesday.