Bitcoin Steadies Near $85,900 on Weak US Jobs Data and Corporate Buying

Bitcoin has maintained its position around $85,900, supported by weak US employment data and positive investor sentiment. The softer-than-expected jobs report has reduced pressure on the Federal Reserve to raise interest rates further, boosting risk assets like Bitcoin. As of 8:10 a.m. on the 6th, Bitcoin was trading at 116.08 million won ($86,000) on Bithumb and $85,919 on CoinMarketCap. Major altcoins also saw gains, with Solana up 0.86%, Ripple 0.44%, and Ethereum 0.19%.

The virtual asset market's upward momentum is driven by three key factors. First, the weak US employment data has eased concerns about further rate hikes, improving risk appetite. Despite high Treasury yields, US stocks rebounded, with the Nasdaq Composite reaching an all-time high. Second, corporate Bitcoin accumulation continues, with Metaplanet adding 1,000 BTC in Q3, bringing its total to 44,000 BTC. Strategy, the largest corporate Bitcoin holder, also acquired an additional 334 BTC ($28.72 million).

Third, expectations for reduced regulatory uncertainty in the US are supporting the market. The Commodity Futures Trading Commission (CFTC) proposed rules to establish a supervisory framework for virtual assets. However, market participants are watching whether Bitcoin can maintain support levels during any pullback. Vikram Subburaj of Giottus highlighted the importance of Bitcoin holding its 50-day moving average, while analyst Jordan Finneseth predicted a test of the $87,400 resistance level.

The upcoming release of the Fed's September FOMC meeting minutes on the 7th is also in focus. The weaker employment data has lowered the likelihood of an October rate hike. The Fear & Greed Index remains at 70, indicating market optimism but also potential for price corrections. In South Korea, Bitcoin's 'kimchi premium' was recorded at 0.80%, with domestic prices trading higher than overseas.