Weak US Payrolls Boost Bitcoin's Odds of Breaking $87,500

US nonfarm payrolls rose by just 29,000 in September, a significant miss on forecasts of 90,000 new jobs.

The weak jobs report strengthens expectations that the Federal Reserve will hold interest rates steady at its October meeting.

The 10-year Treasury yield, a key factor for Bitcoin, had already climbed above 5.3% before the employment numbers were released, but has since eased toward 5.25% as investors reassess the likelihood of another immediate rate hike.

Bitcoin's price is trading near $86,000, just below the $87,000 to $87,500 resistance area that has repeatedly limited gains over the past two weeks.