Bitcoin Stalls at $86,000, Fails to Reach Eight-Month High

Bitcoin's price surged towards $87,000 on Monday, narrowly missing an eight-month high, before reversing course and shedding over $1,000. The cryptocurrency had risen 1.5% to above $86,000 as softer US jobs data fueled expectations of lower interest rates and lifted global stocks.

The 10-year Treasury yield fell two basis points to 5.25%, still close to its highest since 2002. This decline, combined with the softer jobs data, eased pressure on the Federal Reserve to keep raising rates. As a result, stocks extended their gains, with the Nasdaq 100 closing at a record on Friday.

Major cryptocurrencies, including Dogecoin, XRP, BNB, and ZEC, also saw significant gains, with DOGE leading the majors with a gain of over 3%. However, Bitcoin's price stalled below its late-September high near $87,400, marking its second push in a week to fall short of this target.