Weak US Payrolls Give Bitcoin Room to Recover

The US nonfarm payrolls rose by just 29,000 in September, well below forecasts. The weak jobs report strengthens expectations that the Federal Reserve may hold interest rates steady at its October meeting.

Bitcoin was trading near $86,000 around the payroll release after recovering from roughly $83,000. The recovery puts the $87,000 to $87,500 resistance area back in focus.

The Treasury yields have remained elevated and are one of the main obstacles for BTC during its recent recovery. A sustained fall in yields following the employment report could remove some of that pressure.