Bitcoin nears $87,000 on weak US labor data
On Monday, October 5, Bitcoin (BTC) surged to nearly $87,000, approaching an eight-month high set at the end of September. However, the rally reversed later in the day, with prices dipping slightly below $86,000. Despite this pullback, Bitcoin still closed the day with a 1.3% gain, according to CoinDesk.
This was Bitcoin’s second attempt in a week to break through the late September high around $87,400. The market failed to sustain momentum above this level, similar to a previous surge on September 30, when Bitcoin jumped to $85,500 after a softer U.S. inflation report but later lost all gains.
The upward movement on Monday was supported by weak U.S. labor market data released on Friday, October 2, which eased pressure on the Federal Reserve to raise interest rates further. This led to a 2 basis point drop in the yield on 10-year U.S. Treasury notes, though it remained near its highest level since 2002.
Among other major cryptocurrencies, Dogecoin (DOGE) saw the largest gains, rising over 3%. XRP, BNB, and Zcash (ZEC) climbed by 1-2%, while Ethereum (ETH) and HYPE gained less than 1%. Solana (SOL) and TRON (TRX) showed little movement.