BTC Surges Past $87K on Weaker-Than-Expected Jobs Data
The Bitcoin price reached $87,200 on Friday as US jobs data fell short of expectations. This marked a brief surge past the eight-month high of $86,000, but failed to break through resistance.
The September nonfarm payrolls report showed just 29,000 new jobs were added, below the anticipated 84,000. August's numbers were also revised down from 162,000 to 133,000. The weaker-than-expected data led to a drop in US bond yields, with the 30-year yield falling to 5.573% and the 10-year at 5.2%.
Analysts saw this as a positive sign for Bitcoin, citing a 'cleanest upside catalyst' in the form of falling bond yields. Trading firm QCP Capital noted that Bitcoin has already demonstrated resilience through real-rate shocks that pressured gold. The successful support retest at $82,800 on the daily chart also provided further evidence of BTC's bullish trend.