Markets Bitcoin is nearing the $87,000 mark, coming within $500 of its late-September high before sellers drove it back down below $86,000. This marks the second time in a week that a rally has faltered.
By Shaurya Malwa Oct 5, 2026, 12:23 a.m. EDT 2 min read Make preferred on
Key Highlights
- Bitcoin climbed 1.5% to exceed $86,000 as weaker U.S. job reports raised hopes for lower interest rates, positively impacting global stock markets.
- Dogecoin outperformed other major cryptocurrencies with over a 3% increase, while XRP, BNB, and ZEC saw gains between 1% and 2%.
- Currently, Bitcoin is approximately $1,300 shy of its eight-month peak around $87,400, a threshold that could be reached if the 10-year Treasury yield continues its downward trend.
On Monday, Bitcoin surged close to $87,000, nearly reaching its eight-month high before retreating to just under $86,000 by the morning hours in Asia. However, it still reflects a 1.3% increase over the past 24 hours.
Dogecoin led the major cryptocurrencies, rising over 3% to nearly 10 cents. Other cryptocurrencies like XRP, BNB, and ZEC each gained between 1% and 2%, while ether and HYPE saw less than a 1% increase. SOL and TRX remained stable based on data from CoinDesk.
The upward momentum began on Sunday and gained pace later in the day, pushing Bitcoin past $86,000 to a peak just below $86,950, before losing about $1,000 in value.
This is the second rally within a week that has failed to breach the late-September high of approximately $87,400. Last Wednesday, Bitcoin rose to $85,500 following a softer U.S. inflation report, only to drop back shortly after.
Recent U.S. job data released on Friday alleviated some of the Federal Reserve's pressure to increase interest rates. The 10-year Treasury yield fell by two basis points to 5.25%, though it remains near its highest levels since 2002.
U.S. stocks continued their upward trajectory, with the Nasdaq 100 closing at an all-time high on Friday, the MSCI Asia Pacific equities index increasing by 1%, and Japan's Nikkei 225 rising by 2.5%. Meanwhile, Brent crude dipped by 0.7% to around $101.50 per barrel after Saudi Arabia reduced prices for its benchmark grade to Asia.
The dollar gained strength, with a Bloomberg measure of the U.S. currency increasing by 0.4% as the euro fell to its lowest point since May 2025 amid reports of Spain's preparations for an early election.
A daily close above $87,000 would signal that buyers may successfully overcome the late-September high.
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