CoinDesk
Bitcoin climbed to just under $86,950, coming within about $500 of its eight-month high, before sellers pushed it back below $86,000. It remained up 1.3% over 24 hours, but the retreat marked the second rally in a week to stall below the late-September peak near $87,400.
Why it matters
Softer U.S. jobs data eased pressure on the Federal Reserve to keep raising rates and helped lift global equities. The 10-year Treasury yield fell two basis points to 5.25%, though it remained close to its highest level since 2002. That leaves markets balancing a more supportive rate outlook against still-elevated yields.
Market impact
A daily close above $87,000 would offer the first sign that buyers can break through the late-September resistance. Bitcoin's previous push, after softer U.S. inflation data, also faded within hours, making follow-through the key test.
Other crypto assets advanced: Dogecoin gained more than 3%, while XRP, BNB and ZEC rose 1% to 2%. Ether and HYPE added less than 1%; SOL and TRX were flat. Stocks also gained, with the Nasdaq 100 closing at a record and MSCI's Asia Pacific equities index up 1%. A continued decline in Treasury yields could bring Bitcoin's high near $87,400 back into reach, but the recent failed pushes leave a breakout unconfirmed.
Frequently asked questions
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How close did Bitcoin get to its eight-month high?
Bitcoin peaked just below $86,950, about $500 short of its late-September high near $87,400.
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What would signal that Bitcoin has broken through resistance?
A daily close above $87,000 would be the first sign that buyers can get through the late-September high.
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How did U.S. jobs data affect markets?
Softer jobs data eased pressure on the Federal Reserve to keep raising rates and helped lift global stocks.
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Where did the 10-year Treasury yield stand?
The yield fell two basis points to 5.25%, but remained close to its highest level since 2002.
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Which major cryptocurrencies gained while Bitcoin pulled back?
Dogecoin rose more than 3%, while XRP, BNB and ZEC gained between 1% and 2%. Ether and HYPE rose less than 1%; SOL and TRX were flat.
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