Key Insights
- Bitcoin price briefly reached $87,229 after weak U.S. payroll data before giving back part of the move.
- September payrolls rose by only 29,000, while July and August were revised lower by a combined 60,000 jobs.
- The 10-year Treasury yield reversed its post-report drop and finished near 5.26%, limiting the early risk-asset relief.
Bitcoin rallied after the U.S. September jobs report showed sharply slower hiring, but the move faded as Treasury yields reversed higher later Friday.
The U.S. Bureau of Labor Statistics said nonfarm payrolls increased by 29,000 in September. The unemployment rate rose to 4.2%, while July and August payrolls were revised down by a combined 60,000 jobs.
TradingView data showed Bitcoin briefly reaching $87,229 on Bitstamp after the report. The asset later slipped back below $86,000 as bond-market relief weakened.
Bitcoin Price Rally Fades After Weak Jobs Report
The labor report initially supported risk assets because traders reduced expectations for another Federal Reserve rate increase in October. Bitcoin reacted quickly as bond yields fell and the dollar weakened.
However, the early move did not hold. Treasury yields rebounded later in the session, leaving Bitcoin below its intraday high and keeping the $87,000 area as near-term resistance.
The reversal matters because Bitcoin had already been testing the upper end of its recent trading range. A previous Fusion Market News crypto market update also showed how macro conditions and derivatives positioning continued to influence short-term BTC moves.
Treasury Yields Reverse Despite Softer Hiring
The jobs report weakened one argument for additional near-term tightening. Still, the bond market did not sustain its initial rally.
Market data showed the 10-year Treasury yield ending near 5.28% after falling sharply immediately after the employment release. The two-year yield also recovered and finished near 4.83%.
The reversal suggested that inflation and fiscal concerns remained important for bond traders. That left Bitcoin facing a mixed macro setup: weaker hiring reduced immediate rate-hike pressure, while elevated yields continued to raise the hurdle for risk assets.
Bitcoin Price Now Faces $87K Resistance
The failed push above $87,000 left the latest breakout attempt unresolved. TradingView data placed the intraday high at $87,229, while earlier analysis had identified the $87,300 area as nearby resistance.
A sustained move above that zone would reopen the path toward $90,000. Another rejection could keep Bitcoin inside the broader $82,000 to $87,000 range.
The next major U.S. macro catalyst arrives on Oct. 14, when the Bureau of Labor Statistics releases September consumer price data. The Federal Reserve’s next policy decision is scheduled for Oct. 28.
Sharron Kendi
Sharron Kendi is a seasoned crypto market analyst and writer with over three years of experience decoding blockchain trends, price movements, and market dynamics. She holds a Bachelor’s Degree in Commerce (Finance) from Kenyatta University, blending a solid academic foundation with a sharp eye for technical analysis and a deep understanding of on-chain data. Her work delivers clear, data-driven insights that empower investors to navigate the fast-evolving digital asset space with confidence.
