Bitcoin briefly surged to nearly $87,000 during Monday's Asian morning session, coming within roughly $500 of its eight-month high, before retreating below $86,000.

As of Monday's Asian morning trading, Bitcoin was still up 1.3% over the previous 24 hours.

This marked the second time within a week that Bitcoin stalled near its late-September peak.

Data showed that Dogecoin led gains among major tokens, rising more than 3% to nearly 10 cents.

XRP, BNB, and ZEC each advanced between 1% and 2%, while Ethereum and HYPE gained less than 1%.

SOL and TRX were flat.

Bitcoin's rally gradually built up on Sunday and accelerated later in the day, breaking through $86,000 and reaching a high just below $86,950, before pulling back by approximately $1,000.

This was the second time in a week that Bitcoin stalled below its late-September high of nearly $87,400.

Last Wednesday, Bitcoin jumped to $85,500 following softer U.S. inflation data, but gave back those gains within hours.

U.S. employment data released last Friday came in weaker than expected, easing some of the pressure on the Federal Reserve to continue raising interest rates.

The 10-year U.S. Treasury yield fell 2 basis points to 5.25%, still close to its highest level since 2002.

Stock markets extended their rally, with the Nasdaq 100 closing at a record high last Friday, the MSCI Asia-Pacific index rising 1%, and Japan's Nikkei 225 gaining 2.5%.

Brent crude oil fell 0.7% to approximately $101.50 per barrel after Saudi Arabia lowered its benchmark crude prices for Asia.

The U.S. dollar strengthened, with the dollar index rising 0.4%, while the euro fell to its weakest level against the dollar since May 2025 following reports that Spain was preparing to hold early elections.

Market analysts believe that if Bitcoin closes above $87,000 on a daily basis, it would be the first signal that buyers can break through the late-September high.