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ZEC $1,375 Bitcoin Tops $87,000 as Weak US Jobs Data Lifts Bonds
Bitcoin reached $87,229 on Bitstamp after September payrolls missed forecasts, but order-book resistance capped the move.
Key takeaways
- Payrolls missed. The US economy added 29,000 jobs in September against an anticipated 84,000.
- Rate odds fell. CME Group's FedWatch Tool showed an 18% chance of an October hike, down from 64% a week ago.
- Resistance held. Bitcoin dropped back below $86,000 after failing to clear $87,300 in ask liquidity.
What happened
Bitcoin (BTC) traded back above $87,000 on Friday after US jobs data came in weaker than expected. Data from TradingView showed BTC/USD reaching $87,229 on Bitstamp, just shy of new eight-month highs. CoinGecko data showed the price jumping from roughly $86,000 to an intraday high near $87,250.
September nonfarm payrolls came in below expectations. The economy added 29,000 jobs against an anticipated 84,000, and August numbers were revised down from 162,000 to 133,000. Trading resource The Kobeissi Letter noted on X that this marks the third weakest jobs report of 2026.
US stocks gained at the Wall Street open as traders scaled back hawkish bets on Federal Reserve interest-rate hikes. The S&P 500 and the Nasdaq Composite Index rose 1% and 1.8% respectively. Bitcoin failed to hold the move and dropped back below $86,000 at the time of writing.
Why it matters
A cooler labor market makes it harder for the Federal Reserve to justify further monetary tightening. Data from CME Group's FedWatch Tool showed just an 18% chance of a 0.25% rate hike at the October meeting, down from 64% a week ago. Futures markets now put the probability of an October hike below 20%.
The Fed raised its benchmark rate by 25 basis points in September to a target range of 3.75%-4.00%, and it is still expected to announce another hike in December. Fed-dated swaps stopped fully pricing in another complete rate hike this year.
QCP Capital argued that BTC/USD should still benefit from the softer labor-market print, with bond yields continuing to fall. US bond yields fell for a second consecutive day, with the 30-year yield at 5.573% and the 10-year at 5.2%. Trader Aksel Kibar saw a successful support retest at $82,800 already in place on the daily chart.
What the data shows
- BTC/USD reached $87,229 on Bitstamp and an intraday high near $87,250 on CoinGecko.
- September payrolls added 29,000 jobs against an anticipated 84,000, or as many as 90,000 on another analyst estimate.
- August payrolls were revised from 162,000 to 133,000, and July and August revisions erased 60,000 jobs.
- The unemployment rate rose to 4.2% from 4.1%, and average hourly earnings rose 3% from a year earlier.
- The three-month average was about 51,000 jobs a month, with construction adding 11,000 and financial-sector employment down 7,000.
- Ask liquidity on exchange order books formed new resistance at $87,300.
What is still unclear
- Bitcoin failed to break beyond multi-month highs seen in September.
- Order-book ask liquidity has kept upside in check, with the latest band at $87,300 forming new resistance.
- It remains to be seen whether Bitcoin can convincingly surge above the $87,000 level.
Questions readers ask
Why did Bitcoin rise above $87,000?
Bitcoin climbed after September nonfarm payrolls came in below expectations at 29,000 jobs against an anticipated 84,000. The weaker data pushed Treasury yields lower and cut the odds of an October Fed rate hike to 18%.
What are the odds of a Fed rate hike in October?
CME Group's FedWatch Tool showed just an 18% chance of a 0.25% rate hike at the October meeting, down from 64% a week ago. Futures markets put the probability below 20%.
Did Bitcoin hold above $87,000?
No. Bitcoin dropped back below $86,000 at the time of writing after reaching $87,229 on Bitstamp. Ask liquidity around $87,300 formed new resistance.
How were August payrolls revised?
August numbers were revised down from 162,000 to 133,000. Revisions for July and August erased 60,000 previously reported jobs, leaving a three-month average of about 51,000 jobs a month.
