Bitcoin Struggles Near $86,000 as Bond Yields Rise
Bitcoin (BTC) hovered around $86,000 after the Wall Street open on Monday as US bond yields continued their upward trend. The cryptocurrency faced rejection near its weekly high of $86,570, marking the best weekly close in eight months. The 2026 yearly open at $87,570 remains a key resistance level, limiting further upward movement.
US bond yields rebounded, with the 30-year yield nearing 24-year highs at 5.67% and the 10-year yield returning to 5.31%. Trading company QCP Capital noted that even cooler US employment data failed to calm bond markets due to geopolitical uncertainty and elevated oil prices. This broader uncertainty has limited upside momentum for risk assets, including Bitcoin.
US stocks opened higher, with the S&P 500 and Nasdaq Composite Index up 0.5% and 0.7%, respectively, as traders anticipate a pause in interest-rate hikes at the Federal Reserve's October meeting. Analysts from Deutsche Bank emphasized the importance of the upcoming September FOMC meeting minutes, which could provide insights into the Fed's tightening cycle and neutral rate estimates.
Onchain data from Glassnode indicated a reduction in aggressive upward momentum for Bitcoin, though it did not signal an immediate trend reversal. The cryptocurrency has maintained its September gains despite ongoing profit-taking. Long-term holders' behavior in the $85,000 range remains a focal point for analysts.