Bitcoin's Price Surge Stalls at $86,000 as Treasury Yields Fall
Bitcoin's price surged to nearly $87,000 on Monday, but ultimately reversed course, ending the day just under $86,000. The cryptocurrency's climb was fueled by softer U.S. jobs data, which reduced expectations of higher interest rates and boosted global stocks. Dogecoin led the major cryptocurrencies, gaining over 3% as Bitcoin rose 1.5% to reach the $86,000 mark.
The 10-year Treasury yield fell to 5.25%, its lowest level since 2002, as the Federal Reserve's interest rate hikes were eased. This decline in yields has been a key driver of Bitcoin's recent price increases. If the yield continues to fall, Bitcoin could potentially reach its eight-month high of $87,400.
However, Bitcoin's price action has been volatile in recent weeks, with the cryptocurrency stalling just below its late-September high. The current price is about $1,300 below this target, and a daily close above $87,000 would be a significant milestone for buyers.