Apple Watch pairing with Peloton Bike+

I have a Peloton Bike+ and my Apple Watch cannot connect to it through GymKit. The Apple watch isn't able to pair to the bike in its bluetooth settings, although other devices are able to pair. In fact, third party apps through my phone can transmit my heart rate to the device, but GymKit itself cannot establish a connection.

When I start a class and I hold my watch up to the bike for it to be detected, I am prompted to press "connect" on my watch and start the class on the Bike+. However, after a number of seconds, the connection does not work, and I will get an error message on my watch, which says "Accessory not supported by this device."

I have an Apple Watch Series 5, iPhone 11, both running the up do date OSes. I've tried the following steps to resolve this:

1. Resetting my Bike
2. Deleting Bike cache and rebooting.
3. Resetting my watch
4. Deleting and reinstalling Peloton App from Watch & Phone
5. Turning "Detect Gym Equipment" off and back on.

I've already contacted Peloton support about this multiple times and they have been unable to resolve this as well. It's been 6 months and I would be grateful if anyone had any other ideas on how to fix this.

Thanks so much.