Bitcoin Struggles to Break Past $86,500 Amid Rising Bond Yields
Bitcoin (BTC) saw limited movement around $86,000 following the Wall Street open on Monday, as US bond yields continued their upward trend. The cryptocurrency struggled to break past its weekly open level of $86,500, which marked its highest weekly close since late January. The 2026 yearly open at $87,570 remained a significant psychological resistance level.
US bond yields were back in focus, with the 30-year yield nearing 5.67%, just two basis points below the 24-year high seen last week. The 10-year yield returned to 5.31%, close to last week’s peak of 5.34%. QCP Capital noted that despite cooler US employment data, elevated oil prices and high long-dated yields were limiting upside momentum for risk assets.
US stocks opened higher on Monday, with the S&P 500 and Nasdaq Composite Index up 0.5% and 0.7%, respectively. Traders anticipated a pause in interest-rate hikes at the Federal Reserve’s next meeting on October 28. Deutsche Bank analysts highlighted the importance of the upcoming September FOMC meeting minutes, given the current bond market volatility.
Glassnode’s analysis indicated a moderation in Bitcoin’s aggressive upward momentum, though it did not signal an immediate trend reversal. The platform noted that Bitcoin has maintained its September gains despite ongoing profit-taking. Long-term holders’ behavior in the $85,000 range has been of particular interest, as previously reported by Cointelegraph.