Bitcoin Gains 2.7% to Start October as Bulls Near 2026 Yearly Open

Bitcoin (BTC) is eyeing a key level as BTC/USD is on the cusp of turning the 2026 yearly candle green.

Key points:

• Bitcoin bulls have briefly revisited $87,000 on some exchanges, but the 2026 yearly open at $87,570 will provide ongoing resistance.
• Traders are turning their attention to the bond market ahead of Wednesday’s 10-year note auction and Fed meeting minutes.
• BTC/USD brushes off a traditionally weak start to the month. October upside has historically averaged 18.7% since 2013.

2026 yearly open becomes Bitcoin’s next resistance hurdle

Bitcoin continues to battle range highs after sealing its highest weekly close since late January at $86,532 on Bitstamp. Data from TradingView shows brief wicks to $87,000 after the weekly close, as part of Bitcoin’s fourth attempt to break higher since Sept. 21. Bulls have so far failed to reclaim the yearly open at $87,570. 

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

On lower time frames, liquidity hunts continue to dictate price action. Similar to last week, BTC/USD saw liquidations of nearby short positions around $85,500, while walls of bids and asks thickened around spot price, keeping volatility constricted. Data from CoinGlass shows concentrations at $83,700 in addition to the yearly open.

BTC three-day liquidation heatmap. Source: CoinGlass

“Bitcoin continues to be sandwiched between the ~ $82500 key support and the ~ $86700 resistance ahead,” trader and analyst Rekt Capital wrote in his latest X analysis.

Rekt Capital sees $82,500 as key support to avoid revisiting the previous 2026 range between $60,000 and $80,000. A decisive move above $86,700, meanwhile, would open up the path to a higher range with $93,700 as its ceiling.

BTC/USD one-week chart. Source: Rekt Capital on X.com

Bond market in focus after 24-year highs

A comparatively light week of macro data in the US will put bond markets at the forefront as traders have discounted the odds of the Federal Reserve hiking interest rates.

Last week, both the 10-year and 30-year bond yields hit 5.34% and 5.69%, respectively — levels not seen since 2002. They dropped only modestly on weak nonfarm payrolls data before rebounding to erase most of the decline. At the time of writing on Monday, the 10-year yield stood at 5.25%.

US 10-year bond yield one-hour chart. Source: Cointelegraph/TradingView

“The bond market is in the spotlight this week,” trading resource The Kobeissi Letter summarized in an X post on Sunday.  

On Wednesday, the Federal Reserve will publish the minutes of the September Federal Open Market Committee (FOMC) meeting, in which officials voted to increase interest rates by 0.25%. Since then, market expectations of further policy tightening have whipsawed. Data from CME Group’s FedWatch Tool shows that a week ago, odds of another 0.25% hike at the October FOMC meeting reached 70% before dropping to current levels of just 18%.

Fed target-rate probability comparison for October FOMC meeting (screenshot). Source: CME Group

With consensus still favoring a December hike, however, analysts also see the Fed staying hawkish through year end, with headwinds for crypto and risk assets staying in place as a result.

“I think that’s the right move because I don’t think this report necessarily changes the story for the Fed,” Timothy Chubb, chief investment officer at Girard Advisory Services, told CNBC about the post-payrolls yield rebound.

Chubb saw the Fed continuing to keep rates “higher for longer” going forward, with inflation sticky and oil prices still volatile thanks to the Middle East conflict.

The August print of the Personal Consumption Expenditures (PCE) index, known as the Fed’s “preferred” inflation gauge, did little to impact markets’ assessment of inflation trends despite coming in lower than expected. Changes in the way the index is calculated likely accounted for a portion of the drop, Kobeissi argued at the time. The next key inflation print will be the Consumer Price Index (CPI), due for release on Oct. 14.

BTC price begins historically strong month for bulls

Seasonality remains a focus among Bitcoin market participants as October has commenced with BTC price upside. 

Related: Here’s what happened in crypto today

Onchain analytics platform CryptoQuant reports that Bitcoin has already weathered a traditionally difficult period at the start of the month.

“Bitcoin’s first three days of October have historically been its weakest three-day stretch of the month, averaging a 0.66% decline. 2026 has already held up better,” contributor Andrew Kamsky wrote on Sunday.

BTC/USD gained 1.4% in the first three days of October, with current month-to-date upside at 2.7%. From the Oct. 1 close to the Oct. 3 close, the pair avoided losses, whereas the historical average for the period has been -0.66%, Kamsky reported.

BTC/USD October returns comparison (screenshot). Source: CryptoQuant

CoinGlass data shows that on average since 2013, Bitcoin has ended October 18.7% higher, giving a 2026 target of just under $100,000. Over the past 13 years, there have been just three “red” October months, with the largest downside figure of -13% seen in 2014.

BTC/USD monthly returns (screenshot). Source: CoinGlass

Previously, Cointelegraph reported on Bitcoin’s unusually strong Q3 performance, which saw quarterly gains in excess of 40% — the best Q3 result since the 2017 bull market.