Bitcoin rises ahead of U.S. jobs report as government bond yields surge

Bitcoin briefly topped $86,885 on Friday ahead of the latest U.S. jobs figures. The largest cryptocurrency by market capitalization then eased to around $86,000. Bitcoin remained around 1.5% higher on the day and up roughly 3% in October. The unemployment rate is expected to remain at 4.1%. September nonfarm payrolls are forecast to increase by 90,000, down from 162,000 in August. A surge in government bond yields had kept bitcoin in the $82,000 to $85,000 range throughout the week. The U.S. 10-year Treasury yield reached a multidecade high of 5.34%. Higher bond yields mean higher borrowing costs because yields move inversely to bond prices. The U.S. Dollar Index briefly rose above 102 on Thursday, reaching an 18-month high. A stronger dollar typically puts pressure on risk assets, although bitcoin continued to advance. The euro fell to around $1.12, its lowest level since May 2025. France's borrowing premium over Germany widened to its largest in 14 years.