After reaching its highest weekly closing price in the past eight months, Bitcoin formed a short-term resistance level at the beginning of trading hours in the United States on Monday.
As the yield on U.S. Treasury bonds continued to rise, Bitcoin ( BTC ) fluctuated around $86,000 after the opening of Wall Street on Monday.
Key points:
- After the trading session in the United States began, Bitcoin was rejected around a weekly closing price of $86,570.
- U.S. Treasury yields rebounded after falling on Friday and are expected to reach a new 24-year high.
- Glassnode analysis indicates that the 'more aggressive upward momentum' visible in the on-chain data over the past few days has weakened.
U.S. Treasury yields rebound, Bitcoin trend hesitant
TradingView data shows that after hitting its highest weekly closing price since the end of January, BTC / USD still struggles to break through the weekly opening level of nearly $86,500.
U.S. Treasury yields continued to rise on the same day, and the market had already been paying attention to them beforehand. The yield on 30-year Treasurys once again rose above 5.67%, just 2 basis points away from the 24-year high set last week. The yield on 10-year Treasurys returned to 5.31%, with the previous high being 5.34% last week.
Trading firm QCP Capital commented that even though recent U.S. employment data has been modest, it is not enough to calm the bond market, as broader geopolitical uncertainties continue to persist.
In its latest analysis, the company stated: "Despite the dovish employment data, high oil prices and high long-term yields continue to limit the overall upward momentum of risk assets."
On Monday, U.S. stock markets opened slightly higher, with the S&P 500 index and the Nasdaq Composite Index, which is dominated by technology stocks, rising by 0.5% and 0.7% respectively. Traders believe that the Federal Reserve will pause interest rate hikes at its next Federal Open Market Committee (FOMC) meeting on October 28th.
In a report cited by Deutsche Bank analysts in CNBC, it is stated that due to the bond selling, the minutes of the September FOMC meeting, which are scheduled to be released on Wednesday, will receive more attention than usual.
They wrote, "The highly volatile bond market makes the upcoming U.S. data and communication with the Federal Reserve particularly important. Therefore, the meeting minutes are worth paying attention to, to see how the broader committee defines the current tightening cycle and their discussions on neutral interest rates, as in September SEP, the estimate for neutral interest rates was raised." Here, SEP refers to the Federal Reserve's latest economic forecast summary.
BTC The "more aggressive upward momentum" in prices has weakened.
The price trend of Bitcoin continues to show small fluctuations, with the opening price of $87,570 at the beginning of 2026 still posing a key psychological resistance above that level.
Compared to mid-September, when BTC / USD returned to $87,000 for the first time in 8 months, the on-chain analysis platform Glassnode pointed out that the buyer-dominated position has declined.
Glassnode wrote in the latest Weekly Market Pulse on Monday: 'This behavior reflects that the more aggressive upward momentum is slowing down, but it does not mean that the trend will reverse immediately or that there has been a structural exhaustion.'
Glassnode added that despite profit-taking, the momentum continued to rise, and Bitcoin still maintained its gains since September. Previously, Cointelegraph reported that long-term holders of Bitcoin ( LTH ) in the $85,000+ range received special attention.
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