Bitcoin Stuck Near $86,500 as Bond Yields Cap Rally — SkimNews
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- Bitcoin struggled to break beyond its weekly open near $86,500 despite recording its highest weekly close since late January, with the 2026 yearly open at $87,570 sitting overhead as key psychological resistance.
- US Treasury yields climbed again, with the 30-year yield passing 5.67% — just two basis points below 24-year highs — and the 10-year returning to 5.31%.
- QCP Capital said elevated oil prices and elevated long-dated yields continue to limit upside momentum for risk assets broadly, even after the recent cooler US employment print.
- US stocks opened moderately higher — S&P 500 up 0.5%, Nasdaq Composite up 0.7% — as traders priced in a Fed pause at the October 28 FOMC meeting.
- Deutsche Bank analysts told CNBC that Wednesday's September FOMC minutes would carry more weight than usual due to the bond sell-off, with focus on the Committee's discussion of the neutral rate.
- Glassnode flagged a drop in buyer dominance versus mid-September, noting Bitcoin has held its September upside even as profit-taking among holders 'runs hot.'
Why it matters: Bitcoin's failure to extend its strongest weekly close since January past the $86,500–$87,570 resistance zone signals that the rally is being capped by a bond market sell-off, not crypto-specific weakness — the 30-year yield sits just 2 basis points from 24-year highs. With traders pricing in a Fed pause and Wednesday's FOMC minutes seen as a pivotal catalyst, Bitcoin's near-term direction is now tethered to Treasury yields rather than its own on-chain momentum.
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