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Bitcoin zooms toward $87,000, nearly setting an eight-month high, then reverses
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- DeepHorus
Bitcoin climbed to a peak just shy of $86,950 early Monday before sellers pushed it below $86,000 in Asian trading. It remained 1.3% higher over 24 hours but about $1,300 below its late-September high near $87,400. The reversal stalled a second rally in one week below that peak.
The climb accelerated through Sunday after softer U.S. jobs data eased pressure on the Federal Reserve to keep raising rates. The 10-year Treasury yield fell two basis points to 5.25%, remaining close to its highest level since 2002. Further yield declines could support bitcoin by strengthening expectations of lower interest rates.
Major cryptocurrencies followed higher. Dogecoin gained more than 3% to just under 10 cents, while XRP, BNB and ZEC rose between 1% and 2%. Ether and HYPE rose less than 1%, while SOL and TRX were flat, according to CoinDesk data.
Equities also strengthened. The Nasdaq 100 closed at a record on Friday, MSCIâs Asia Pacific equities index rose 1%, and Japanâs Nikkei 225 gained 2.5%. Brent crude fell 0.7% to about $101.50 after Saudi Arabia cut benchmark-grade prices to Asia, while the dollar rose 0.4%.
Bitcoinâs previous rally followed last Wednesdayâs softer U.S. inflation report, which briefly lifted the cryptocurrency to $85,500 before the gain was surrendered within hours. The latest retreat likewise prevented a sustained move above the prior high. A daily close above $87,000 would be the first evidence that buyers can clear the late-September peak.
Without that confirmation, momentum remains capped despite bitcoinâs weekend gains and positive response to weak jobs data. Continued declines in Treasury yields could bring the $87,400 high within reach, while another reversal would leave the cryptocurrency constrained by resistance. The next test will depend on rate expectations and whether buyers can sustain a break above $87,000.
