Bitcoin briefly hits $87,200 as weak US jobs data pushes bond yields lower
Bitcoin reaches $87,200 before stalling out
Bitcoin climbed above $87,000 on Friday after weaker-than-expected US jobs data sent Treasury bond yields lower. The price reached $87,229 on Bitstamp but could not push past that level to make new multi-month highs.
The coin had broken above $86,000 ahead of the US labor report, which came in well below forecasts. It later dropped back below $86,000 as selling pressure held steady.
Jobs report misses expectations by a wide margin
- September nonfarm payrolls added only 29,000 jobs, far below the 84,000 expected.
- August payroll numbers were revised down from 162,000 to 133,000.
- July figures were also revised lower, though exact numbers were not provided in the source.
The result marked the third weakest jobs report of 2026, according to trading resource The Kobeissi Letter.
Bond yields fall as rate hike bets shrink
US bond yields dropped for a second consecutive day after the weak payroll data. The 10-year Treasury yield fell to 5.2%, and the 30-year yield dropped to 5.573%.
The CME Group's FedWatch Tool showed just an 18% chance of a 0.25 percentage point interest rate hike at the Federal Reserve's October meeting, down sharply from 64% a week earlier.
US stocks rose at the Wall Street open, with the S&P 500 gaining 1% and the Nasdaq Composite rising 1.8%, as traders scaled back bets on tighter monetary policy.
Analysts see room for upside
QCP Capital, a trading firm, said in a new analysis that falling bond yields could still provide a "cleanest upside catalyst" for Bitcoin. The firm noted that BTC had already shown resilience through a prior "real-rate shock" that had pressured gold.
Meanwhile, trader Aksel Kibar observed on X that Bitcoin had already retested support at $82,800 on the daily chart, which he viewed as a positive sign.
Despite the positive signals, exchange order-book data showed successive walls of selling pressure near $87,300, which capped further upside.
What traders should watch next
Market attention now turns to whether falling bond yields and reduced rate hike expectations can sustain momentum for Bitcoin. The next key test will be whether BTC can break above the $87,300 sell wall and reclaim levels seen in September.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.