Bitcoin Surges to $86,885 Ahead of U.S. Jobs Report
Bitcoin's price briefly topped $86,885 ahead of the release of the U.S. nonfarm payrolls report, which was expected to show a gain of 90,000 jobs in September and an unemployment rate of 4.1%. The cryptocurrency had been trading within the $82,000-$85,000 range due to the surge in U.S. 10-year Treasury yields, which reached multi-decade highs of 5.34%. The stronger U.S. dollar also put pressure on risk assets, but Bitcoin continued to advance. Some analysts attributed the rally to short covering, while others pointed to rising open interest and high funding for longs.
Citigroup raised its Bitcoin price target to $113,000, while Uniswap's UNI token drew attention as it rose from a June low of $2.31 to a peak of $10.90. The token broke through resistance at $7.47, and analysts pointed to a golden cross as the 50-day moving average moved above the 200-day moving average. Other altcoins, such as Pepe Coin and Doppler Finance, also showed significant price movements.