Bitcoin zooms toward $87,000, nearly setting an eight-month high, then reverses
What To Know
- Bitcoin rose 1.5% to above $86,000 as softer U.S. jobs data fueled expectations of lower interest rates and lifted global stocks.
- Dogecoin led major cryptocurrencies with a gain of more than 3%, while XRP, BNB and ZEC advanced between 1% and 2%.
- Bitcoin is about $1,300 below its eight-month high near $87,400, a level that could come within reach if the 10-year Treasury yield continues to fall.
Bitcoin zoomed to nearly $87,000 early Monday, within about $500 of its eight-month high. It then reversed to just under $86,000 as of Monday Asian morning hours and is still up 1.3% over 24 hours.
DOGE led the majors with a gain of more than 3%, to just under 10 cents. XRP, BNB and ZEC each added between 1% and 2%, while ether and HYPE rose less than 1%. SOL and TRX were flat, according to CoinDesk data.
The climb built through Sunday and sped up late in the day, carrying bitcoin past $86,000 to a peak just shy of $86,950. It has since shed about $1,000.
It's the second push in a week to stall below the late-September high near $87,400. Last Wednesday, bitcoin jumped to $85,500 after a softer U.S. inflation report and gave the move back within hours.
Softer U.S. jobs data on Friday eased some pressure on the Federal Reserve to keep raising rates. The 10-year Treasury yield fell two basis points to 5.25%, still close to its highest since 2002.