Bitcoin came within $500 of an eight-month high on Monday, zooming to just under $86,950 in early Asian trading before sellers pushed it back below $86,000. Still up 1.3% on the day, the move marks the second push in a week to stall beneath the late-September peak near $87,400 - and the closest Bitcoin has come to breaking it, CoinDesk reported.
The backdrop is cooperating: softer US jobs data has traders pricing out an October Fed hike, the 10-year Treasury yield is sliding, and global stocks are green. A daily close above $87,000 would be the first confirmation buyers can finally punch through - the level to watch into the US session.
ETFs: Bitcoin's third inflow week as Ether bleeds
The institutional bid keeps building. US spot Bitcoin ETFs drew $241.1 million last week, a third straight week of net inflows, with year-to-date inflows at $1.2 billion, SoSoValue data reported on October 5 showed. Ether ETFs went the other way: $138 million in net outflows after taking in $690 million the week before - though they remain $1.5 billion positive for the year, Blockonomi reported. Ether itself held up fine near $2,727, up 3% on the week.
A stronger dollar leans against the rally
The headwind is the greenback: a Bloomberg dollar gauge rose 0.4% as the euro sank to its weakest since May 2025 on Spain's snap-election turmoil. Bitcoin holding $86,000 into a rising dollar is genuine strength - September's 7% winner is acting like it wants the $90,000 rematch. But two failed breakouts in five days say the same thing: $87,400 is the line, and everything else is noise until a daily candle closes above it.