Bitcoin surged toward $87,000 on Monday, nearly setting an eight-month high before reversing, as crypto markets rode the same macro wave that lifted tech stocks. The largest cryptocurrency traded at around $86,200.

Bitcoin had briefly topped $86,885 on Friday ahead of the US jobs report. The weaker-than-expected payrolls data, which cut the odds of an October Federal Reserve rate hike, supported risk assets even as bond yields stayed near multi-decade highs.

The macro backdrop remains mixed for crypto. The dollar index touched an 18-month high and the 10-year Treasury yield reached 5.34 percent, both usually headwinds for risk assets. The euro fell to about $1.12, its lowest against the dollar since May 2025.

Analysts see $87,300 as the key resistance level, a double top that has repeatedly capped rallies. Spot bitcoin ETF flows and the 10-year yield's next move are likely to decide whether the breakout holds.

For now, bitcoin remains above $85,000. Traders are watching upcoming US inflation data and the Fed's October 28 meeting for the next direction.