Bitcoin Surges to $86K as Jobs Report Looms
The cryptocurrency market saw a significant rebound on Friday, with Bitcoin's price rising to around $86,200 after Treasury yields pulled back and provided some relief ahead of the U.S. jobs report.
This move came as Citi raised its 12-month Bitcoin target to $113,000 from $82,000, citing stronger crypto activity, improving macro conditions, and renewed ETF inflows.
The September nonfarm payrolls report is expected to show the U.S. economy added 90,000 jobs, down from 162,000 in August, while the unemployment rate is expected to remain at 4.1%, with wage growth remaining moderate at 3.2% year over year.
The rally also lifted large-cap crypto-linked stocks, including Michael Saylor-backed Strategy (MSTR), which saw its price target raised by Citi from $136 to $240 while maintaining a 'Buy' rating.