Bitcoin briefly passes $86,000 as traders await U.S. jobs data
Bitcoin edges higher before jobs report
Bitcoin briefly climbed above $86,885 on Friday as traders waited for the U.S. government's September jobs report. The cryptocurrency settled around $86,000, still up about 1.5% for the day and roughly 3% for the month of October.
Investors are watching the employment data closely. Nonfarm payrolls are expected to rise by 90,000 in September, down from 162,000 in August. The unemployment rate is forecast to hold steady at 4.1%.
Key market numbers
- Bitcoin peaked at $86,885 before settling near $86,000
- The U.S. Dollar Index hit an 18-month high above 102
- The 10-year Treasury yield reached multi-decade highs of 5.34%
- France's borrowing cost gap over Germany widened to its largest in 14 years
- The euro fell to around $1.12, its lowest since May 2025
What the data shows
Rising government bond yields had kept bitcoin trading in the $82,000 to $85,000 range throughout most of the week. Bond yields move in the opposite direction of bond prices, so a spike in yields means higher borrowing costs across the economy.
A stronger dollar typically puts pressure on risk assets like cryptocurrencies. However, bitcoin has continued to advance despite the dollar reaching its highest level in a year and a half.
European pressure adds to dollar strength
Concerns over France's public finances have weakened the euro. French five-year credit default swaps, which measure the cost of insuring against a country defaulting on its debt, have climbed to multiyear highs. France's borrowing costs have risen above those of Italy and Greece relative to Germany, according to Bloomberg's Lisa Abramowicz.
Why this matters for crypto markets
Bitcoin's ability to climb above $86,000 despite rising yields and a stronger dollar suggests demand for the cryptocurrency remains resilient. The upcoming jobs report could influence how markets move in the days ahead, as employment data often shapes expectations about Federal Reserve policy.
What is confirmed
Bitcoin did briefly top $86,885. The jobs report is expected Thursday with 90,000 payrolls forecast. The dollar index reached an 18-month high. The 10-year Treasury yield hit 5.34%. France's borrowing premium over Germany is at a 14-year wide.
What is still unclear
It remains to be seen how bitcoin and broader markets will react once the jobs report is released. The actual figures could differ from forecasts.
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.
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