Bitcoin Retreats to $86,000 After Near Eight-Month High
Bitcoin (BTC) briefly approached an eight-month high near $87,000 before pulling back to around $86,000. The retreat came after the cryptocurrency spiked to roughly $86,950 in early Asian trading on October 5, just $500 short of the late-September peak of $87,400. Despite the dip, Bitcoin remained up 1.3% over the past 24 hours.
Dogecoin (DOGE) led the gains among major altcoins, rising more than 3%. XRP, BNB, and Zcash also saw gains of 1% to 2%, while Ether (ETH) and Hyperliquid increased by less than 1%. Solana (SOL) and Tron (TRX) showed little change.
The market's focus is now on whether Bitcoin can secure a daily close above $87,000, which could signal a break above the late-September high. This follows a similar pattern from last Wednesday, when Bitcoin surged to $85,500 after softer-than-expected US inflation data, only to retreat shortly after.
Weaker-than-expected US September employment data on October 2 eased some pressure on the Federal Reserve to raise interest rates further. The 10-year Treasury yield fell 2 basis points to 5.25%, though it remained near its highest level since 2002. Global equities extended their rally, with the Nasdaq 100 closing at a record high on October 2.