Bitcoin approached $87,000 on Monday but reversed course before breaking through its late-September peak, falling back below $86,000. The move represents the second rally in a week that has stalled near the same resistance zone.

BTC rose to almost $87,000 in early trading, coming within approximately $500 of its eight-month high. It later slipped below $86,000 during the Asian morning session, while still maintaining a 1.3% gain over the past 24 hours.

DOGE led the largest cryptocurrencies, advancing more than 3% to just below 10 cents. XRP, BNB and ZEC posted gains of between 1% and 2%, while ether and HYPE were up less than 1%. SOL and TRX were broadly flat, according to CoinDesk data.

The bitcoin rally developed throughout Sunday and accelerated later in the day. BTC moved above $86,000 and reached a high just below $86,950 before giving up roughly $1,000.

The latest rejection came after another failed advance last Wednesday. Bitcoin climbed to $85,500 following weaker U.S. inflation data, but the move reversed within hours. The late-September high remains around $87,400.

Weaker U.S. jobs data released Friday helped ease concerns that the Federal Reserve would need to keep raising interest rates. The 10-year Treasury yield dropped two basis points to 5.25%, although it remains near its highest level since 2002.

Stocks extended their gains, with the Nasdaq 100 ending Friday at a record. MSCI’s Asia Pacific equities index added 1%, while Japan’s Nikkei 225 rose 2.5%. Brent crude declined 0.7% to about $101.50 per barrel after Saudi Arabia lowered prices for its benchmark crude in Asia.

The U.S. dollar strengthened, with a Bloomberg gauge rising 0.4%. The euro fell to its weakest level since May 2025 following reports that Spain could be preparing for an early election.

Bitcoin’s ability to close above $87,000 will now be closely watched. Such a move would signal that buyers are beginning to overcome the resistance created by the late-September high.