Bitcoin nears highest level since January as $85,000 sell wall clears, US jobs data disappoints
Bitcoin climbed back toward $87,000 on Friday as sellers cleared out around $85,000, according to Glassnode.
Bitcoin briefly surpassed $87,000 on Friday, driven by weaker-than-expected US jobs data that sent Treasury yields lower, according to reports. The September nonfarm payrolls data revealed a shortfall of 29,000 jobs, falling short of the anticipated 84,000 additions. This followed a downward revision of August's numbers from 162,000 to 133,000.
In response to the disappointing jobs report, US stocks initially rose at the start of trading, with the S&P 500 and Nasdaq Composite Index each gaining 1% and 1.8%, respectively. The Kobeissi Letter highlighted that this was the third weakest jobs report of 2026. US bond yields dropped for a second day in a row, with the 30-year yield at 5.573% and the 10-year at 5.2%.
Despite this positive backdrop, Bitcoin's price action failed to break past multi-month highs, briefly reaching $87,229 on Bitstamp before dropping back below $86,000. Trading firm QCP Capital noted that a Treasury relief rally, encouraged by falling bond yields, could still provide Bitcoin with a strong upside catalyst.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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