Bitcoin briefly hits $87K on weak US jobs data
Image: CointelegraphBitcoin spiked above $87,000 on Friday following weaker-than-expected US September nonfarm payrolls data. The US economy added 29,000 jobs that month, far below the 84,000 to 90,000 analysts had forecast. The unemployment rate rose to 4.2% from 4.1%. Weaker jobs data cut expectations for a Federal Reserve rate hike at its October meeting. Bitcoin later dropped back below $86,000 amid order book resistance near $87,300.
Key points
- Bitcoin spiked above $87,000 on Friday after weaker-than-expected US September jobs data
- Weaker jobs data reduced the perceived likelihood of a Federal Reserve October rate hike
Why it matters
Weaker US labor market data reduced expectations for Federal Reserve rate hikes, which can support risk asset prices like Bitcoin. Order book resistance near $87,300 limited Bitcoin's upside from the positive macro news.
Price context · BTC
At publication
$85,425.00
Now
$84,649.00
Change since
−0.91%
7 days · dashed line = publication
Sources · 2 publishers
Cointelegraph
Tier 1
Bitcoin briefly hits $87K as weak US jobs data sends bond yields lower
Coverage timeline
- First reported by U.Today
- Confirmed by Cointelegraph
- CryptoVideos brief published
How this brief was made. Our system found this event in 2 independent publications, summarised two complete reports with AI and checked every number above against the source text. Sources are linked in full. Not financial advice. Report an error
GENIUS
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