Bitcoin nearly hit $87,000 on Friday after weak US jobs data sent bond yields lower. The surge lasted only briefly, though, as resistance on exchange order books kept BTC from reaching new multi-month highs.
The September nonfarm payrolls report came in far below expectations, with the economy adding just 29,000 jobs against an expected 84,000. August numbers, which had beaten expectations on release, were revised down from 162,000 to 133,000. The data pushed Treasury yields lower, and the move caught traders’ attention.
The Payroll Numbers
The 29,000 figure marked the third-weakest jobs report of 2026, according to The Kobeissi Letter, which noted the reaction on X. The revision to August’s number brought the figure down.
The data arrived at a moment when traders had been betting on more Federal Reserve interest-rate hikes. With the jobs report missing badly, those bets were scaled back, and US stocks gained at the Wall Street open. The S&P 500 rose 1% and the tech-heavy Nasdaq Composite Index rose 1.8%.
Bond Yields Fall Again
US bond yields fell for a second consecutive day. The 30-year yield sat at 5.573% and the 10-year at 5.2% at the time of writing. Both reached new 24-year highs on Wednesday, when markets looked past softer August Personal Consumption Expenditures (PCE) data, known as the Fed’s “preferred” inflation gauge.
CME Group’s FedWatch Tool now shows just an 18% chance of the Fed enacting a 0.25% rate hike at its October meeting, down from 64% a week ago.
Bitcoin’s Brief Spikes
Bitcoin touched $87,200 on Bitstamp, according to TradingView, just shy of new eight-month highs. The peak was brief, and the price dropped back below $86,000 at the time of writing.
The failure to break above the old highs was not a surprise to analysts who had previously reported on successive walls of ask liquidity on exchange order books. The latest band formed new resistance at $87,300.
What Traders Are Watching
QCP Capital argued that BTC/USD should still benefit from the softer labor-market print, with bond yields continuing to fall. The firm made the case directly:
“For Bitcoin, a Treasury relief rally would provide the cleanest upside catalyst. The asset has already demonstrated resilience through a real-rate shock that pressured gold.”
Traders are also watching the support test at $82,800. Aksel Kibar saw that a successful retest of that level was already in place on the daily chart.
The Order Book Problem
The key obstacle remains the order book itself. Resistance at $87,300 has been building as a wall of ask liquidity, and it has held BTC back from reaching new macro highs.
That structure explains why the price peaked at $87,229 on Bitstamp but could not push past it. The resistance is real, and it has been a consistent feature of recent price action.
The Path Forward
Analysts see further BTC price upside on the back of falling US bond yields. The QCP Capital argument for a Treasury relief rally as the “cleanest upside catalyst” suggests the market is positioning for a continued downward move in yields.
The S&P 500 and Nasdaq Composite Index gains at the open suggest traders are scaling back hawkish bets on Federal Reserve interest-rate hikes. That shift could support Bitcoin as it moves through the current resistance zone.
For now, the story is one of near-misses. Bitcoin got within inches of $87,000 but could not quite reach it.
Key Facts Box
– Bitcoin touched $87,200 on Bitstamp
– September nonfarm payrolls: 29,000 vs. expected 84,000
– August nonfarm payrolls revised down from 162,000 to 133,000
– 30-year yield: 5.573%
– 10-year yield: 5.2%
– FedWatch Tool: 18% chance of October 0.25% rate hike
– QCP Capital: “Treasury relief rally would provide the cleanest upside catalyst”
Source material: “Bitcoin briefly hits $87K as weak US jobs data sends bond yields lower,” Cointelegraph.
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