Bitcoin briefly nears eight-month high before retreat
Bitcoin briefly approached $87,000 early Monday, coming within $500 of its eight-month high before retreating. The digital asset peaked just below $86,950 before slipping back to around $86,000 by Monday morning in Asia. Despite the pullback, Bitcoin remains up 1.3% over the past 24 hours.
This was the second time in a week that Bitcoin has stalled near its late-September high of approximately $87,400. Last Wednesday, a softer U.S. inflation report briefly pushed Bitcoin to $85,500, but the gains quickly faded. Monday’s rally gained momentum throughout Sunday and carried Bitcoin above $86,000 before losing steam.
Other major cryptocurrencies saw mixed performance. Dogecoin led the pack with a 3% gain, nearing 10 cents. XRP, BNB, and ZEC each rose between 1% and 2%, while Ether and HYPE added less than 1%. SOL and TRX remained flat.
The broader market conditions provided some support for crypto. Softer U.S. jobs data on Friday eased pressure on the Federal Reserve to raise rates further, causing the 10-year Treasury yield to dip to 5.25%. However, the dollar strengthened, with a Bloomberg gauge showing a 0.4% increase, which could pose challenges for further gains in Bitcoin.