Bitcoin Nears $87,000 Before Reversing From Eight-Month High

Bitcoin climbed to within roughly $500 of its late-September peak before selling pressure pushed the cryptocurrency back below $86,000, marking the second rally in a week to lose momentum near the same resistance.

BTC surged to almost $87,000 early Monday, coming within about $500 of its eight-month high. It later retreated to just below $86,000 during Monday’s Asian morning session, though it remained 1.3% higher over the previous 24 hours.

Among major cryptocurrencies, DOGE posted the strongest gain, rising more than 3% to just below 10 cents. XRP, BNB and ZEC advanced between 1% and 2%, while ether and HYPE gained less than 1%. SOL and TRX were little changed, according to CoinDesk data.

Bitcoin’s advance began building on Sunday before accelerating later in the session. The move carried BTC above $86,000 and to a high just below $86,950. Since then, the cryptocurrency has given back approximately $1,000.

The latest pullback marks the second attempt in seven days to break through the late-September high near $87,400. Last Wednesday, bitcoin rallied to $85,500 following weaker-than-expected U.S. inflation data, only to surrender those gains within hours.

Friday’s softer U.S. jobs figures reduced some pressure on the Federal Reserve to continue raising interest rates. The 10-year Treasury yield declined two basis points to 5.25%, although it remained near its highest level since 2002.

Equity markets also continued to advance. The Nasdaq 100 finished Friday at a record high, while MSCI’s Asia Pacific equities index gained 1% and Japan’s Nikkei 225 rose 2.5%. Brent crude fell 0.7% to approximately $101.50 a barrel after Saudi Arabia lowered prices for its benchmark grade in Asia.

The U.S. dollar strengthened at the same time. A Bloomberg measure of the greenback climbed 0.4%, while the euro dropped to its lowest level since May 2025 amid reports that Spain is preparing for an early election.

For bitcoin, a daily close above $87,000 would provide the first meaningful indication that buyers are capable of overcoming the late-September resistance.