Bitcoin Taps $87K as Weak US Jobs Data Pressures Bond Yields

Bitcoin briefly surged past $87,000 on Friday after a sharply weaker-than-expected US nonfarm payrolls report sent Treasury yields lower, though overhead resistance on exchange order books prevented the asset from establishing new macro highs. BTC reached $87,229 on Bitstamp, according to TradingView data, but retreated below $86,000 as sellers defended a thick band of ask liquidity clustered around $87,300.

The September jobs report showed the US economy added just 29,000 positions, well below the 84,000 analysts had forecast. August and July figures were also revised lower, with August's initial print of 162,000 cut to 133,000. The Kobeissi Letter called it "the third weakest jobs report of 2026." US equity markets rallied in response, with the S&P 500 gaining 1% and the Nasdaq Composite rising 1.8% as traders scaled back bets on further Federal Reserve rate hikes. CME's FedWatch Tool now puts the odds of a 0.25% hike at the Fed's October meeting at just 18%, down from 64% a week earlier.

US bond yields extended a two-day decline following the report, with the 30-year yield at 5.573% and the 10-year at 5.2%, recovering from 24-year highs hit Wednesday. Softer labor data has revived hopes for a Treasury relief rally, which QCP Capital described as "the cleanest upside catalyst" for Bitcoin. The firm noted that BTC has already shown resilience through a prior real-rate shock, suggesting further upside if yields continue their descent. With rate-hike expectations fading and macro liquidity conditions loosening, Bitcoin's path toward reclaiming multi-month highs now hinges on whether bulls can absorb the heavy resistance sitting just above current price levels.