Bitcoin · U.S. Treasury · Wall Street · Cointelegraph
Bitcoin briefly hits $87K as weak US jobs data sends bond yields lower
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Bitcoin climbed after weaker-than-expected payrolls pushed Treasury yields lower, but order-book resistance kept BTC from reaching new macro highs.
Key facts
- US bond yields fell for a second consecutive day, with the 30-year yield at 5.573% and the 10-year at 5.2% at the time of writing
- The latest data from CME Group’s FedWatch Tool showed an 18% chance of the Fed enacting a 0.25% rate hike at its October meeting, down from 64% a week ago
- Bitcoin (BTC) spiked past $87,000 on Friday as US jobs data missed expectations
- Data from TradingView showed BTC/USD reaching $87,229 on Bitstamp, shy of new eight-month highs
Summary
Bitcoin (BTC) spiked past $87,000 on Friday as US jobs data missed expectations. 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.