BTC struggles to push past resistance following strongest weekly finish in eight months
BTC encounters difficulty securing sufficient buying pressure to push through its strongest weekly closing level since January.
Bitcoin (BTC) oscillated near the $86,000 mark following Monday's commencement of Wall Street trading as yields on US government bonds maintained their upward trajectory.
Key points:
- Bitcoin experienced rejection in proximity to its $86,570 weekly close following the commencement of the US trading session.
- US bond yields mounted a recovery to approach fresh 24-year peak levels after experiencing a decline on Friday.
- Glassnode analysis indicated diminished "aggressive upward momentum" apparent in onchain data throughout recent days.
Bitcoin shows indecision as US bond yields climb back up
Information from TradingView revealed BTC/USD facing difficulty advancing past its weekly opening level in the vicinity of $86,500 following the strongest weekly close observed since late January.
US bond yields, which were already receiving considerable attention, advanced higher throughout the trading day. The 30-year yield surpassed 5.67% once more, positioned merely two basis points beneath the 24-year peak levels witnessed during the previous week. The 10-year yield climbed back to 5.31%, while the previous week's peak stood at 5.34%.
Providing commentary, trading company QCP Capital emphasized once more that even the recently released softer US employment figures had proven insufficient to stabilize bond markets amid continuing broader geopolitical uncertainty.
Despite the dovish employment print, elevated oil prices and elevated long-dated yields continue to limit upside momentum for risk assets broadly.
US equity markets commenced trading with moderate gains on Monday, as the S&P 500 and the technology-focused Nasdaq Composite Index registered increases of 0.5% and 0.7%, respectively, driven by traders anticipating the Federal Reserve would hold steady on interest-rate increases during the upcoming Federal Open Market Committee (FOMC) meeting on Oct. 28.
Within a note referenced by CNBC, analysts from Deutsche Bank put forward the view that the minutes from the September FOMC meeting, scheduled for release on Wednesday, would hold greater significance than typically expected given the ongoing bond sell-off.
The highly unsettled bond market makes the incoming US data and Fed communication particularly relevant. So the minutes will be worth watching for how the broader Committee is framing the current tightening cycle and for its discussion of the neutral rate, where estimates shifted higher in the September SEP.
BTC price "aggressive upward momentum" experiences decline
Bitcoin price action persisted with more modest movements, as the 2026 yearly opening level at $87,570 remained overhead serving as critical psychological resistance.
In comparison to mid-September, during which BTC/USD climbed back to $87,000 for the initial time in eight months, onchain analytics platform Glassnode identified a decline in buyer dominance.
This behavior reflects a moderation in aggressive upward momentum without signalling an immediate trend reversal or structural exhaustion.
Glassnode further noted that Bitcoin has maintained its September gains despite ongoing profit-taking activity continuing to "run hot." In prior coverage, Cointelegraph reported on BTC holdings owned by long-term holders (LTHs) being of specific interest within the zone above $85,000.