Bitcoin Hits $87,000 Resistance Again Before Pullback
Bitcoin (BTC) approached $87,000 early Monday before sellers pulled back the gains, marking the second time this week a rally failed near the eight-month high set in late September. The cryptocurrency peaked just under $86,950 before dropping nearly $1,000, ending Monday's Asian trading session around $86,000, a 1.3% daily gain.
The price surge followed a weaker-than-expected US jobs report, easing concerns over Federal Reserve rate hikes and prompting a dip in long-term bond yields. Earlier in the week, a softer inflation reading briefly pushed Bitcoin above $85,500 before a reversal. The rally also lifted other major tokens, with Dogecoin (DOGE) rising over 3%, while XRP and BNB gained 1% to 2%. Ethereum (ETH) and Hyperliquid (HYPE) saw smaller increases, and Solana (SOL) and TRON (TRX) held steady.
Equities mirrored the crypto market's strength, with US tech stocks hitting record highs and Asia-Pacific shares advancing. Oil prices dipped slightly after a Saudi price cut aimed at Asian buyers. Meanwhile, the dollar strengthened, pushing the euro toward multi-decade lows amid political uncertainty in Spain.
Bitcoin's market dominance remained stable despite the pullbacks, suggesting the corrections reflect profit-taking rather than a broader shift away from the asset. A daily close above $87,000 would signal stronger buyer confidence and a potential breakthrough beyond the current resistance level.