Oct 5, 2026, 12:23 a.m. EDT
2 min read
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.
Early Monday, Bitcoin spiked close to $87,000, coming within roughly $500 of matching its peak from the last eight months. Subsequently, it pulled back to trade just below $86,000 during the Asian morning hours, maintaining a 1.3% gain over a 24-hour period.
Among major tokens, DOGE outpaced peers by jumping over 3% to sit just under 10 cents. Meanwhile, XRP, BNB, and ZEC each recorded increases ranging from 1% to 2%, whereas ether and HYPE experienced gains under 1%. CoinDesk metrics indicate that SOL and TRX remained unchanged.
The upward momentum started building through Sunday, accelerating later in the evening to push Bitcoin past the $86,000 mark and hit a high just under $86,950. Since then, the asset has dropped by roughly $1,000.
This marks the second occasion within a single week that a rally has stalled underneath the late-September high of approximately $87,400. Last Wednesday, Bitcoin climbed to $85,500 following a cooler U.S. inflation update, only to surrender those gains within a few hours.
The release of milder U.S. employment figures on Friday relieved some of the pressure on the Federal Reserve regarding further rate hikes. Concurrently, the yield on the 10-year Treasury dropped by two basis points to 5.25%, remaining near its peak levels observed since 2002.
Equities extended their previous gains. On Friday, the Nasdaq 100 closed at a record level, MSCI’s broad Asia Pacific stock index climbed 1%, and Japan’s Nikkei 225 advanced 2.5%. Conversely, Brent crude dipped 0.7% to settle near $101.50 per barrel following Saudi Arabia’s decision to lower prices for its flagship oil grade bound for Asia.
In foreign exchange markets, the U.S. dollar gathered strength. A Bloomberg index tracking the American currency increased by 0.4%, driven down the euro to its lowest point since May 2025 amid reports that Spain is preparing for a snap election.
Securing a daily close above $87,000 would serve as the initial confirmation that buyers are successfully breaking through the threshold established in late September.
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Originally published at https://www.coindesk.com/markets/2026/10/05/bitcoin-zooms-toward-usd87-000-nearly-setting-an-eight-month-high-then-reverses.
