Bitcoin Approaches Eight-Month Peak at $87,000 Before Reversal

Bitcoin came close to $87,000 on Monday before losing momentum and dropping back below $86,000, leaving the cryptocurrency short of its late-September high for a second time in a week.

BTC climbed to nearly $87,000 during early Asian trading, approaching within about $500 of its eight-month peak. The subsequent decline took bitcoin below $86,000, though it remained 1.3% higher over the previous 24 hours.

Among major cryptocurrencies, DOGE posted the strongest advance, gaining more than 3% to trade just under $0.10. XRP, BNB and ZEC rose 1% to 2%, while ether and HYPE added less than 1%. SOL and TRX were little changed, CoinDesk data showed.

Bitcoin’s move higher began Sunday and accelerated later in the session, pushing the token above $86,000 and to a high just below $86,950. The reversal subsequently wiped out around $1,000 from that level.

The pattern is similar to last Wednesday, when bitcoin climbed to $85,500 following softer-than-expected U.S. inflation data before surrendering those gains within hours. The late-September peak remains near $87,400.

Friday’s weaker U.S. employment figures reduced pressure on the Federal Reserve to continue lifting interest rates. The 10-year Treasury yield fell two basis points to 5.25%, but remained close to its highest level since 2002.

Broader markets were also stronger. The Nasdaq 100 reached a record close Friday, while MSCI’s Asia Pacific index gained 1% and Japan’s Nikkei 225 climbed 2.5%. Brent crude fell 0.7% to around $101.50 a barrel after Saudi Arabia reduced prices for its benchmark crude in Asia.

The dollar moved higher as well, with the Bloomberg U.S. currency gauge rising 0.4%. The euro weakened to its lowest level since May 2025 amid reports that Spain could be heading toward an early election.

For bitcoin, the $87,000 area remains the immediate hurdle. A daily close above it would provide a stronger indication that buyers are finally breaking through the resistance around the late-September high.