Bitcoin nears $87,000 eight-month high, then slips back under $86,000
In brief
- Bitcoin peaked just below $86,950 on Monday, according to CoinDesk data.
- Bitcoin slipped under $86,000 by Monday Asian morning but was still up 1.3% over 24 hours.
- Bitcoin's second push in a week stalled below the late-September high near $87,400.
- DOGE led major cryptocurrencies with a gain of more than 3%, CoinDesk reported.
A rally that ran out of road
The climb built through Sunday and picked up speed late in the day, carrying bitcoin past $86,000 to a peak just below $86,950, CoinDesk reported. It didn't hold. Bitcoin has since given back about $1,000 from that peak.
That's two stalls in a week.
Last Wednesday, bitcoin jumped to $85,500 after a softer U.S. inflation report and gave the move back within hours. Both pushes stalled below the late-September high near $87,400 (CoinDesk's figure).
Altcoins mostly follow
DOGE led the majors with a gain of more than 3%, to just under 10 cents, according to CoinDesk data. XRP, BNB and ZEC each added between 1% and 2%, while ether and HYPE rose less than 1%. SOL and TRX were flat.
The macro backdrop
CoinDesk's report also laid out what traditional markets were doing. Softer U.S. jobs data on Friday eased some pressure on the Federal Reserve to keep raising rates, and the 10-year Treasury yield fell two basis points to 5.25% (still close to its highest level since 2002). The Nasdaq 100 closed at a record on Friday, MSCI's Asia Pacific equities index rose 1% and Japan's Nikkei 225 gained 2.5%.
Brent crude slipped 0.7% to about $101.50 a barrel after Saudi Arabia cut prices of its benchmark grade to Asia, while a Bloomberg gauge of the U.S. dollar rose 0.4%, according to the same report.
So what would change the pattern? CoinDesk's view is a simple one:
A daily close above $87,000 would be the first sign that buyers can get through the late-September high.
As of Monday Asian morning hours, bitcoin was trading back under $86,000.
