Bitcoin briefly hits $87K as weak US jobs data sends bond yields lower

Bitcoin (BTC) touched $87,229 on Bitstamp on Friday, according to TradingView data cited by Cointelegraph, just shy of new eight-month highs. The move followed September nonfarm payrolls showing the US economy added only 29,000 jobs, below the 84,000 expected. August job growth was revised down to 133,000 from 162,000.

US stocks rose at the Wall Street open as traders scaled back hawkish bets on Federal Reserve rate hikes. The S&P 500 gained 1% and the Nasdaq Composite rose 1.8%. CME Group's FedWatch Tool showed an 18% chance of a 0.25% rate hike at the October meeting, down from 64% a week earlier. The Kobeissi Letter called it the third weakest jobs report of 2026.

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 had reached new 24-year highs as markets looked past softer August PCE data, the Fed's preferred inflation gauge.

Bitcoin failed to break beyond multi-month highs seen in September and fell back below $86,000 at the time of writing. Cointelegraph previously reported that successive walls of ask liquidity on exchange order books were keeping upside in check, with a new band at $87,300 forming resistance. A CoinGlass liquidation heatmap was also cited.

In a new analysis, trading firm QCP Capital argued BTC/USD should still benefit from the softer labor-market print as bond yields continue to fall. QCP said a Treasury relief rally would provide the cleanest upside catalyst for Bitcoin, adding that the asset had already shown resilience through a real-rate shock that pressured gold. Trader Aksel Kibar saw a successful support retest at $82,800 already in place on the daily chart.