Bitcoin got within about $500 of its eight-month high early Monday. Then it turned around.
The run topped out just shy of $86,950 before sliding back to just under $86,000 by Monday morning in Asia. That’s a giveback of about $1,000. Even so, bitcoin is still up 1.3% over 24 hours.
The same ceiling, twice in one week
This is the second time in a week that bitcoin has stalled below the late-September high near $87,400. Last Wednesday, it jumped to $85,500 after a softer U.S. inflation report and gave the move back within hours.
Monday’s attempt went further, and it didn’t come out of nowhere. The climb built through Sunday and sped up late in the day, carrying bitcoin past $86,000 before buyers ran out of steam.
The level to watch is simple. A daily close above $87,000 would be the first sign that buyers can get through the late-September high. Two intraday pushes that faded don’t count.
DOGE led, the rest mostly tagged along
Dogecoin had the best day among the majors, gaining more than 3% to just under 10 cents. XRP, BNB and ZEC each added between 1% and 2%.
Ether and HYPE rose less than 1%. SOL and TRX were flat. That’s a fairly muted spread for a session when bitcoin briefly looked ready to break out.
Macro gave crypto some room
Friday’s softer U.S. jobs data eased some pressure on the Federal Reserve to keep raising rates. The 10-year Treasury yield fell two basis points to 5.25%. But that’s still close to its highest since 2002, so nobody should read it as a rate environment that’s turned friendly.
Stocks took the news better. 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%.
Oil went the other way. Brent crude slipped 0.7% to about $101.50 a barrel after Saudi Arabia cut prices of its benchmark grade to Asia.
A stronger dollar complicates the picture
The dollar firmed up. A Bloomberg gauge of the U.S. currency rose 0.4%, while the euro fell to its weakest since May 2025 on reports that Spain is preparing for an early election.
A rising dollar and yields stuck near two-decade highs aren’t the backdrop bulls want for a clean break above resistance.
So the scoreboard is two attempts, two reversals and one number that matters. Until bitcoin closes a day above $87,000, the late-September high near $87,400 is still holding.
