Weak US Jobs Data Sends Bitcoin Spiking to $87K

The price of Bitcoin briefly spiked to $87,200 on Friday as weak US jobs data surprised markets. The September nonfarm payrolls came in below expectations at 29,000, while August and July figures were revised lower.

Bond yields extended their fall for a second consecutive day following the weaker labor-market data. This sent analysts further convinced of Bitcoin's price upside due to falling US bond yields.

QCP Capital argued that a Treasury relief rally would provide 'the cleanest upside catalyst' for Bitcoin, which has demonstrated resilience through real-rate shocks.