Bitcoin Surges to $87K on Weak US Jobs Data, Analysts See Further Upside

Bitcoin spiked past $87,000 on Friday, but failed to make new multi-month highs as overhead resistance held.

The US jobs data for September came in below expectations at 29,000, while the August and July figures were revised lower.

Analysts saw further price upside on the back of falling US bond yields, with the 30-year yield at 5.573% and the 10-year at 5.2% at the time of writing.

QCP Capital argued that Bitcoin should benefit from the softer labor-market print, with bond yields continuing to fall.

Traders scaled back hawkish bets on Federal Reserve interest-rate hikes following the weaker jobs data, with the latest data from CME Group's FedWatch Tool showing just an 18% chance of a 0.25% rate hike at its October meeting.