Bitcoin briefly rose above $87,000 after a much weaker-than-expected US employment report reduced expectations for Federal Reserve rate increases and pushed Treasury yields lower. The move was limited, however, as heavy sell orders near the market’s highs prevented the cryptocurrency from establishing a new multi-month peak.
Weak payrolls shift rate expectations
Bitcoin reached $87,229 on Bitstamp on Friday, according to Cointelegraph, before retreating below $86,000 at the time of that report. The move followed September nonfarm payrolls data showing that the US economy added 29,000 jobs, well below the 84,000 increase economists had expected.
Earlier employment figures were also revised lower. August payroll growth was reduced from 162,000 to 133,000, after initially exceeding forecasts. The Kobeissi Letter described the September result as the third-weakest US jobs report of 2026.
The softer labor-market figures led traders to reduce bets on another Federal Reserve rate increase. CME Group’s FedWatch Tool showed an 18% probability of a 0.25-percentage-point hike at the Fed’s October meeting, down from 64% one week earlier.
US equities moved higher at the start of trading. The S&P 500 gained 1%, while the technology-heavy Nasdaq Composite rose 1.8%, as investors adjusted their expectations for monetary policy.
Falling Treasury yields support Bitcoin
US government bond yields declined for a second straight day after the employment figures were released. At the time of the report, the 30-year Treasury yield stood at 5.573% and the 10-year yield at 5.2%.
The decline came after both yields had reached new 24-year highs on Wednesday, even as markets looked beyond softer August Personal Consumption Expenditures data. PCE is widely watched because it is the Federal Reserve’s preferred inflation measure.
Lower bond yields can affect how investors value riskier assets by changing the relative appeal of interest-bearing government debt and easing pressure from higher borrowing costs. In this episode, analysts focused on the fall in yields as a possible source of further support for Bitcoin.
QCP Capital called a potential Treasury-market relief rally the “cleanest upside catalyst” for Bitcoin. The trading firm said Bitcoin had remained resilient despite a real-rate shock that had pressured gold, while still linking the cryptocurrency’s near-term direction to the bond market.
Resistance keeps gains in check
Despite the jump, Bitcoin did not break the multi-month highs recorded in September. Cointelegraph had previously reported that layers of sell-side liquidity on exchange order books were limiting advances, with the latest resistance band around $87,300.
That level was close to Friday’s peak of $87,229. The price subsequently moved back below $86,000 in the source report, showing that the weak jobs data produced a sharp reaction but not an immediate breakout.
Trader Aksel Kibar said a daily-chart retest of support at $82,800 had already succeeded. The observation points to the importance of that level in the market’s recent price structure, while the overhead orders around $87,300 remained an obstacle to further gains.
Moneyiar market picture
Moneyiar data at 09:14 on October 3, 2026, showed Bitcoin at $84,646.46, down 1.81% over 24 hours but up 0.77% over seven days. Cronos was $0.066259, down 3.90% in 24 hours and up 0.97% over seven days.
At 09:13, AKEDO traded at $0.032725, up 4.64% over 24 hours and down 0.63% over seven days. Data Network was $0.211699, down 1.90% over 24 hours and 6.12% over seven days.
