Bitcoin briefly hits $87K as weak US jobs data sends bond yields lower
Summary
Bitcoin surged above $87,000 after weaker-than-expected US jobs data bolstered expectations that the Federal Reserve may ease off rate hikes. September nonfarm payrolls rose by only 29,000 versus 84,000 expected, and August was revised down. The soft labor report pushed US stocks higher and sent bond yields lower for a second straight day, with FedWatch showing the odds of a 0.25% October rate hike falling sharply. BTC briefly reached $87,229 on Bitstamp but later slipped back below $86,000 as overhead resistance near $87,300 held. Traders said falling Treasury yields could be Bitcoin’s strongest near-term bullish catalyst, while one analyst noted support around $82,800 appears to have held on the daily chart.
