QuantCapBitcoin came within about $500 of its late-September peak before sellers pushed it back under $86,000. It's the second rally in a week to stall.
Bitcoin zooms toward $87,000, nearly setting an eight-month high, then reverses
Bitcoin came within about $500 of its late-September peak before sellers pushed it back under $86,000. It's the second rally in a week to stall.
What To Know
Bitcoin rose 1.5% to above $86,000 as softer U.S. jobs data fueled expectations of lower interest rates and lifted global stocks. Dogecoin led major cryptocurrencies with a gain of more than 3%, while XRP, BNB and ZEC advanced between 1% and 2%. Bitcoin is about $1,300 below its eight-month high near $87,400, a level that could come within reach if the 10-year Treasury yield continues to fall.
Bitcoin zoomed to nearly $87,000 early Monday, within about $500 of its eight-month high. It then reversed to just under $86,000 as of Monday Asian morning hours and is still up 1.3% over 24 hours.
DOGE led the majors with a gain of more than 3%, to just under 10 cents. XRP, BNB and ZEC each added between 1% and 2%, while ether and HYPE rose less than 1%. SOL and TRX were flat, according to CoinDesk data.
The climb built through Sunday and sped up late in the day, carrying bitcoin past $86,000 to a peak just shy of $86,950. It has since shed about $1,000.
It's the second push in a week to stall below the late-September high near $87,400. Last Wednesday, bitcoin jumped to $85,500 after a softer U.S. inflation report and gave the move back within hours.
Softer U.S. jobs data on Friday eased some pressure on the Federal Reserve to keep raising rates. The 10-year Treasury yield fell two basis points to 5.25%, still close to its highest since 2002.
Stocks extended their gains. The Nasdaq 100 closed at a record on Friday, MSCI's Asia Pacific equities index rose 1% and Japan's Nikkei 225 gained 2.5%. Brent crude slipped 0.7% to about $101.50 a barrel after Saudi Arabia cut prices of its benchmark grade to Asia.
The dollar strengthened. A Bloomberg gauge of the U.S. currency rose 0.4% as the euro fell to its weakest since May 2025 on reports that Spain is preparing for an early election.
A daily close above $87,000 would be the first sign that buyers can get through the late-September high.
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The Definitive Stablecoin Landscape Series: Asia Pacific
The Definitive Stablecoin Landscape Series: Asia Pacific
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
Why it matters:
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
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Cathie Wood says smart investors need to start watching where AI agents spend money