Bitcoin ($BTC) extended its upward momentum on October 2, 2026. The flagship cryptocurrency reached an intraday high of $86,837. This is the highest price level of BTC since September 23. The move represents a 14.6% recovery from the September 15 low. BTC broke above its recent trading range despite rising US Treasury yields and weakness in gold.
The BTC/USDT chart obtained from CoinMarketCap shows Bitcoin climbing from the low-$83,000 range through a series of higher lows. At the latest chart reading, BTC is consolidating below the session high. The chart captures the latest breakout, showing BTC advancing sharply from around $84,000 to $86,800.
The $82,500 area held across three tests this week. This provided the needed base for the latest price gain. Bitcoin now faces immediate resistance around $87,400. A sustained move above this level could bring the $90,000 psychological threshold into play. A rejection on the other hand may lead to another consolidation phase.
Rising Treasury Yields Contrast with Bitcoin’s Rally
This Bitcoin surge has unfolded against a challenging backdrop for traditional risk and non-yielding assets. The US 30-year Treasury yield climbed to 5.62%, while the 10-year yield briefly reached 5.29%.
Real yields increased by 44 basis points during September. Inflation breakeven rates remained relatively stable. The upward BTC move is now being attributed to stronger growth expectations.
Gold moved lower alongside rising real rates, recording an 8.5% monthly decline. Bitcoin on the other gained approximately 12% over the same period. This highlights a clear divergence between the two assets.
ETF Inflows Support Sentiment
Institutional demand has remained an important part of Bitcoin’s recent market narrative. Spot Bitcoin ETFs reportedly attracted $3.5 billion in net inflows in August and $2.6 billion in September.
Bitcoin Options Traders Position for November
Options activity provides another indication of how some market participants are positioning. Traders are reportedly rolling October $90,000 call positions into November contracts.
The November expiry covers several closely watched events, including the US midterm elections. The positioning of options traders suggests that they are maintaining upside exposure.
Bitcoin’s move above $86,000 has placed the asset at a multi-week high. The $87,400 level remains an important near-term area to watch. $90,000 is the target bulls want to reach.