Bitcoin climbed after weaker-than-expected payrolls pushed Treasury yields lower, but order-book resistance kept BTC from reaching new macro highs.
Bitcoin (BTC) spiked past $87,000 on Friday as US jobs data missed expectations.
Data from TradingView showed BTC/USD reaching $87,229 on Bitstamp, just shy of new eight-month highs.
BTC/USD four-hour chart. Source: Cointelegraph/TradingView
September nonfarm payrolls data came in below expectations, with the economy adding just 29,000 jobs against an anticipated 84,000. August numbers, which had beat expectations on release, were revised down from 162,000 to 133,000.
US stocks gained at the Wall Street open as traders scaled back hawkish bets on Federal Reserve interest-rate hikes following the weaker jobs data. The S&P 500 and tech-heavy Nasdaq Composite Index rose 1% and 1.8%, respectively.
“This marks the third weakest jobs report of 2026,” trading resource The Kobeissi Letter noted in a reaction on X.
The latest data from CME Group’s FedWatch Tool showed just an 18% chance of the Fed enacting a 0.25% rate hike at its October meeting, down from 64% a week ago.
US bond yields fell for a second consecutive day, with the 30-year yield at 5.573% and the 10-year at 5.2% at the time of writing. On Wednesday, both reached new 24-year highs as markets looked past softer August Personal Consumption Expenditures (PCE) data, known as the Fed’s “preferred” inflation gauge.
US 10-year bond yield one-day chart. Source: Cointelegraph/TradingView
Bitcoin price action failed to break beyond multi-month highs seen in September, dropping back below $86,000 at the time of writing.
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