Bitcoin zooms toward $87,000, nearly setting an eight-month high, then reverses
Bitcoin recently approached an eight-month high of $87,000 before experiencing a slight reversal in market value. The price movement was influenced by broader economic indicators, including U.S. jobs data and shifting Federal Reserve interest rate expectations.
Why it matters
Bitcoin's price volatility remains a key indicator for investor sentiment in the broader digital asset market and reflects how macroeconomic data impacts speculative assets.
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.
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