Bitcoin briefly hits $87K as weak US jobs data sends bond yields lower

What happened

Bitcoin briefly hits $87K as weak US jobs data sends bond yields lower, according to Cointelegraph. Bitcoin climbed after weaker-than-expected payrolls pushed Treasury yields lower, but order-book resistance kept BTC from reaching new macro highs. Bitcoin (BTC) spiked past $87,000 on Friday as US jobs data missed expectations.

Key points: Bitcoin tapped $87,200 but failed to make new multi-month highs as overhead resistance held. September US nonfarm payrolls came in below expectations at 29,000, while the August and July figures were revised lower.

Analysts saw further BTC price upside on the back of falling US bond yields Bond yields extend fall on weak labor-market data Data from TradingView showed BTC/USD reaching $87,229 on Bitstamp, just shy of new eight-month highs. Source: Cointelegraph/TradingView September nonfarm payrolls data came in below expectations, with the economy adding just 29,000 jobs against an anticipated 84,000.

August numbers, which had beat expectations on release , were revised down from 162,000 to 133,000. US stocks gained at the Wall Street open as traders scaled back hawkish bets on Federal Reserve interest-rate hikes following the weaker jobs data. The S&P 500 and tech-heavy Nasdaq Composite Index rose 1% and 1.8%, respectively.