Bitcoin Briefly Tops $87K as Weak US Jobs Data Dents Bond Yields

weak US jobs data — Bitcoin’s price briefly surged past $87,000 on Friday after weaker-than-expected U.S. employment data pushed Treasury bond yields lower, providing a potential catalyst for the cryptocurrency.

Data from TradingView showed BTC/USD hitting $87,229 on the Bitstamp exchange following the release of September nonfarm payrolls figures. The U.S. economy added just 29,000 jobs last month, far below the anticipated 84,000, and previous months’ figures were revised downward. The soft data led traders to scale back bets on Federal Reserve interest rate hikes, with the probability of an October increase falling sharply.

The resulting drop in bond yields, including the 10-year Treasury note, provided what analysts called a “cleanest upside catalyst” for Bitcoin. Trading firm QCP Capital noted that the asset had shown resilience during a recent period of rising real rates that pressured gold.

Despite the spike, Bitcoin failed to set a new multi-month high, retreating below $86,000 as it encountered significant sell-side resistance on exchange order books around the $87,300 level.