Bitcoin fluctuated around $86,000 following Monday's Wall Street open as US bond yields continued their upward trajectory. The cryptocurrency rejected levels near its weekly close of $86,570 after the start of the US trading session, marking the highest weekly close since late January.
US bond yields staged a rebound to eye new 24-year highs after dropping on Friday. The 30-year yield passed 5.67%, just two basis points below the 24-year highs reached the previous week, while the 10-year yield returned to 5.31%, approaching last week's high of 5.34%.
Trading company QCP Capital noted that even cooler US employment data had not been sufficient to calm bond markets amid broader geopolitical uncertainty. "Despite the dovish employment print, elevated oil prices and elevated long-dated yields continue to limit upside momentum for risk assets broadly," the firm wrote in its latest analysis.
Bitcoin price action remained subdued, with the 2026 yearly open at $87,570 lingering overhead as key psychological resistance. Onchain analytics platform Glassnode reported a moderation in aggressive upward momentum in recent days without signalling an immediate trend reversal.
US equities opened moderately higher, with the S&P 500 and Nasdaq Composite Index rising 0.5% and 0.7% respectively, as traders anticipated a Federal Reserve pause on interest-rate hikes at the next Federal Open Market Committee meeting scheduled for October 28.
Glassnode noted that Bitcoin has held its September upside even as profit-taking continues. Long-term holders' positions in the area beyond $85,000 have drawn particular interest from market observers.
