Bitcoin Pulls Back to $86,000 After Nearing Eight-Month High

Bitcoin climbed to the brink of an eight-month high near $87,000 before giving back part of the advance and slipping back toward the $86,000 level.

CoinDesk reported on October 5 that Bitcoin rose to about $86,950 in early Asian trading. That was roughly $500 below the eight-month high of $87,400 reached in late September. It later fell about $1,000 to below $86,000, though it was still up 1.3% over the past 24 hours.

It was the second time in the past week that Bitcoin's advance stalled near $87,400. Last Wednesday, it jumped to $85,500 after softer-than-expected US inflation data, only to give up those gains within hours.

Among major altcoins, Dogecoin led the gains with a rise of more than 3%. XRP, BNB and Zcash each added 1% to 2%, while Ether and Hyperliquid rose less than 1%. Solana and Tron were little changed.

Weaker-than-expected US September employment data released on October 2 eased some pressure on the Federal Reserve to raise interest rates further. The yield on the 10-year Treasury note fell 2 basis points to 5.25%, though it remained near its highest level since 2002.

Global equities extended their rally. The Nasdaq 100 closed at a record high on October 2, while the MSCI Asia Pacific Index rose 1% and Japan's Nikkei 225 advanced 2.5% on October 5. Brent crude, by contrast, fell 0.7% to about $101.50 a barrel after Saudi Arabia cut its selling price for Asia.

The near-term focus for the market is whether Bitcoin can secure a daily close above $87,000. A move through that level could offer the first sign that it may break above the high set in late September.