Weak Jobs Data and Treasury Yields Weigh on Bitcoin Price

The Bitcoin price has seen a slight dip of about 1.7% over the past 24 hours, but it's still up around 9% over the month. One reason for this recent downturn is the weak jobs data from September, which shows only 29,000 new jobs were added, indicating a weakening labor market.

This softening growth outlook can actually be beneficial for Bitcoin if it reduces expectations for further rate tightening by the Federal Reserve. However, elevated Treasury yields still limit how aggressively investors can price in easier monetary policy.

Bitcoin's price has been testing the upper-$80,000 region several times, but it hasn't been able to break through and establish a sustained rally. The key level to watch is $87,000, as a convincing move above it could open up the psychological $90,000 target and potentially even shift attention back to the larger $95,000-$100,000 zone.

Despite the recent pullback, institutional demand remains strong, with U.S. spot Bitcoin ETFs attracting about $6.34 billion in Q3, their strongest quarter yet. However, flows remain volatile, with outflows on September 30 being followed by a return to positive territory on October 1.