Bitcoin zooms toward $87,000, nearly setting an eight-month high, then reverses

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.

Stocks extended their gains. The Nasdaq 100 closed at a record on Friday, MSCI's Asia Pacific equities index rose 1% and Japan's Nikkei 225 gained 2.5%. Brent crude slipped 0.7% to about $101.50 a barrel after Saudi Arabia cut prices of its benchmark grade to Asia.

The dollar strengthened. A Bloomberg gauge of the U.S. currency rose 0.4% as the euro fell to its weakest since May 2025 on reports that Spain is preparing for an early election.

A daily close above $87,000 would be the first sign that buyers can get through the late-September high.