Bitcoin Struggles as Bond Yields Rise and Momentum Slows

Bitcoin (BTC) saw limited movement around $86,000 after the start of Wall Street trading on Monday, as US bond yields continued their upward trend. The cryptocurrency failed to surpass its weekly open level of $86,570, which marked the highest weekly close since late January. Meanwhile, the 30-year US bond yield neared 24-year highs, reaching 5.67%, while the 10-year yield returned to 5.31%, close to last week’s peak of 5.34%.

Trading firm QCP Capital noted that despite a recent cooler US employment report, bond markets remained volatile due to geopolitical uncertainty and elevated oil prices. This uncertainty has limited the upside momentum for risk assets, including Bitcoin. US stocks opened higher on Monday, with the S&P 500 and Nasdaq Composite Index gaining 0.5% and 0.7%, respectively, as traders anticipated a pause in interest-rate hikes at the Federal Reserve’s upcoming meeting on October 28.

Deutsche Bank analysts highlighted that the minutes from the September Federal Open Market Committee (FOMC) meeting, set to be released on Wednesday, would be particularly significant due to the recent bond sell-off. They emphasized the importance of the Fed’s communication and its projections on the neutral rate. Meanwhile, Glassnode reported a decline in Bitcoin’s aggressive upward momentum, though it did not signal an immediate trend reversal. The cryptocurrency has maintained its September gains even as profit-taking continues.

Bitcoin’s price action has been subdued, with key psychological resistance lingering at $87,570, the yearly open level for 2026. Glassnode observed that while buyer dominance has decreased compared to mid-September, long-term holders remain a focal point beyond the $85,000 mark. The overall market sentiment suggests caution amid broader economic uncertainties.