Bitcoin Tests 2026 Yearly Open as Traders Eye Bond Market

Bitcoin (BTC) is currently testing a crucial resistance level as it aims to turn the 2026 yearly candle green. The cryptocurrency briefly touched $87,000 on some exchanges but faces significant resistance at the 2026 yearly open price of $87,570. Despite this hurdle, traders are optimistic about Bitcoin's potential to break through the range highs, which would mark its highest weekly close since late January.

Traders are also closely monitoring the bond market ahead of Wednesday’s 10-year note auction and the Federal Reserve meeting minutes. The 10-year and 30-year bond yields recently hit 24-year highs, reaching 5.34% and 5.69%, respectively. These yields have since rebounded, putting the bond market in the spotlight this week. The Federal Reserve's September meeting minutes, to be released Wednesday, will provide further insight into potential interest rate hikes, with current odds of another hike in October dropping to 18% from 70% a week ago.

Bitcoin’s price action in October has historically been strong, with an average upside of 18.7% since 2013. Despite a traditionally weak start to the month, Bitcoin has already shown resilience, gaining 2.7% in the first three days. This positive momentum has traders hopeful for continued gains, especially as October tends to be a favorable month for Bitcoin bulls.