Key Takeaways

Bitcoin climbed to nearly $86,950 on Monday, coming within roughly $500 of its late-September eight-month high near $87,400.

BTC subsequently reversed below $86,000, giving back approximately $1,000 from its intraday peak while remaining 1.3% higher over 24 hours.

The move marked Bitcoin's second failed attempt in a week to break through the late-September high.

DOGE led major cryptocurrencies with a gain of more than 3%, while XRP, BNB and ZEC advanced between 1% and 2%.

A daily Bitcoin close above $87,000 could provide an initial signal that buyers are successfully breaking through the latest resistance zone.

Bitcoin surged toward $87,000 during early Monday trading, approaching its highest level in eight months before sellers stepped in and pushed BTC back below $86,000.

The rally accelerated late Sunday, taking Bitcoin above $86,000 and eventually to a peak just below $86,950.

BTC subsequently gave back around $1,000 and traded just under $86,000 during Asian morning hours, although it remained approximately 1.3% higher over the previous 24 hours.

The reversal marks the second time in a week that Bitcoin has approached the late-September high near $87,400 without establishing a breakout.

Bitcoin Rally Stalls Near $87K Again

Bitcoin's latest advance brought the cryptocurrency within approximately $500 of its late-September peak, currently representing an important short-term resistance area.

The move built gradually through Sunday before accelerating as BTC moved through $86,000.

However, selling pressure emerged as Bitcoin approached $87,000, sending the price back below $86,000.

The rejection follows a similar move last Wednesday, when Bitcoin climbed to around $85,500 following softer U.S. inflation data before giving back the advance within hours.

Together, the two reversals suggest sellers remain active as BTC approaches its late-September highs.

Softer U.S. Jobs Data Supports Risk Assets

The weekend Bitcoin rally followed softer U.S. employment data released Friday, which reduced some of the pressure on the Federal Reserve to continue raising interest rates.

The U.S. 10-year Treasury yield declined by around 2 basis points to 5.25%, although it remained close to its highest level since 2002.

Lower expectations for additional monetary tightening also supported traditional risk assets.

The Nasdaq 100 closed at a record high on Friday, while the MSCI Asia Pacific equities index gained around 1% and Japan's Nikkei 225 advanced approximately 2.5%.

DOGE Leads Crypto Market Gains

Major cryptocurrencies were mostly higher alongside Bitcoin.

Dogecoin led the group with a gain of more than 3%, trading just below $0.10.

XRP, BNB and ZEC each gained between 1% and 2%, while Ether and HYPE advanced less than 1%.

Solana and TRX were broadly unchanged.

The relatively positive performance across major altcoins suggests risk appetite remained supportive despite Bitcoin's inability to sustain its move toward $87,000.

Stronger Dollar and Oil Add to Macro Picture

The broader macro backdrop remained mixed.

The U.S. dollar strengthened, with a Bloomberg gauge of the currency rising approximately 0.4%. The euro fell to its weakest level since May 2025 amid reports that Spain could be preparing for an early election.

Meanwhile, Brent crude declined around 0.7% to approximately $101.50 per barrel after Saudi Arabia cut the price of its benchmark crude grade for Asian buyers.

A stronger dollar can create a headwind for dollar-denominated assets such as Bitcoin, potentially complicating BTC's attempt to establish a sustained breakout.

$87K Becomes Key Bitcoin Breakout Level

Bitcoin's repeated attempts to approach its late-September peak have placed the $87,000–$87,400 region firmly in focus.

A daily close above $87,000 would provide an initial indication that buyers are beginning to overcome the resistance that has capped Bitcoin's latest rallies.

Failure to hold above the level, however, could leave BTC vulnerable to further consolidation after its strong third-quarter advance.

For now, Bitcoin's broader momentum remains positive, but two failed rallies toward $87,000 within a week show that buyers have yet to decisively break through the latest resistance zone.