Bitcoin Battles 2026 Yearly Open as Bond Market Takes Center Stage
Bitcoin (BTC) is facing a crucial test as it tries to reclaim its 2026 yearly open at $87,570. The price of BTCUSD has been hovering around the $87,000 mark, but the bulls have so far failed to break above the yearly open. Rekt Capital notes that BTC is being sandwiched between key support and resistance levels, with $82,500 serving as a crucial support to avoid revisiting the previous range between $60,000 and $80,000.
The bond market is taking center stage this week, with traders focusing on the 10-year note auction and Fed meeting minutes. The 10-year yield has rebounded to 5.25% after a brief decline following the weak nonfarm payrolls data. Analysts expect the Fed to stay hawkish through the end of the year, which could continue to put pressure on crypto and risk assets.
Despite a traditionally weak start to the month, BTCUSD has shown resilience, brushing off the first three days of October with a 1.4% gain. Historically, October has been a strong month for Bitcoin, with an average upside of 18.7% since 2013. With the current month-to-date upside at 2.7%, investors are watching to see if BTC can maintain its momentum and break above the $87,570 level.