Bitcoin passes $87,000 as weak US jobs data pushes Treasury yields lower

Bitcoin rose past $87,000 on Friday after weaker-than-expected US jobs data pushed Treasury yields lower. TradingView data showed BTC/USD reaching $87,229 on Bitstamp, just short of new eight-month highs. September nonfarm payrolls increased by 29,000 against an expected 84,000. August payrolls, which exceeded expectations when released, were revised down from 162,000 to 133,000. July payrolls were also revised lower. The Kobeissi Letter described the September release as the third-weakest jobs report of 2026. US stocks gained at the Wall Street open as traders reduced bets on Federal Reserve interest-rate hikes following the weaker jobs data. The S&P 500 rose 1%. The Nasdaq Composite Index rose 1.8%. CME Group's FedWatch Tool showed an 18% chance of a 0.25% Federal Reserve rate hike at the October meeting, down from 64% a week earlier. US bond yields fell for a second consecutive day. The 30-year Treasury yield stood at 5.573% at the time of writing. The 10-year Treasury yield stood at 5.2%. Both yields reached new 24-year highs on Wednesday as markets looked past softer August Personal Consumption Expenditures data, the Federal Reserve's preferred inflation gauge. Bitcoin failed to exceed the multi-month highs reached in September and fell below $86,000 at the time of writing. Successive concentrations of sell orders on exchange order books had constrained Bitcoin's gains, with the latest band at $87,300 forming new resistance. QCP Capital argued that BTC/USD should still benefit from the weaker labor-market data as bond yields continue to fall. QCP Capital said a Treasury price rally would provide Bitcoin's clearest catalyst for further gains. QCP Capital said Bitcoin had already demonstrated resilience during a real-interest-rate shock that pressured gold. Trader Aksel Kibar identified a successful retest of support at $82,800 on Bitcoin's daily chart.