Bitcoin targets 2026 yearly open as resistance amid bond market focus

Bitcoin ($BTC) is nearing a crucial level as $BTC/USD approaches the 2026 yearly candle's turning point. Bulls have briefly touched $87,000 on some exchanges, but the 2026 yearly open at $87,570 remains a significant resistance. Despite a traditionally weak start to October, Bitcoin has shown resilience, with historical data indicating an average 18.7% upside for the month since 2013.

The cryptocurrency continues to fight range highs, sealing its highest weekly close since late January at $86,532 on Bitstamp. While brief spikes to $87,000 have occurred, the yearly open at $87,570 remains elusive. Analyst Rekt Capital highlights $82,500 as key support, with a move above $86,700 potentially opening the path to $93,700.

Attention is also focused on the bond market ahead of Wednesday's 10-year note auction and the Federal Reserve's meeting minutes. Both the 10-year and 30-year bond yields hit multi-decade highs last week, with the 10-year yield currently at 5.25%. The Fed's hawkish stance and sticky inflation could pose challenges for crypto and risk assets.

Despite a historically weak start to October, Bitcoin has managed a 2.7% gain so far. Historical data shows an average October return of 18.7% since 2013, suggesting potential for further upside. The cryptocurrency has already weathered its traditionally weakest three-day stretch of the month, avoiding the typical 0.66% decline.