Bitcoin climbed above $87,000 after weaker-than-expected US jobs data pushed Treasury yields lower, although strong resistance prevented BTC from reaching new multi-month highs.
BTC reached $87,229 on Bitstamp before falling back below $86,000. The move followed September US nonfarm payrolls data showing the economy added just 29,000 jobs, well below the expected 84,000. August payrolls were also revised down from 162,000 to 133,000.
The weaker labor-market data reduced expectations for further Federal Reserve rate hikes and sent US bond yields lower for a second consecutive day. The 10-year Treasury yield stood at 5.2%, while the 30-year yield was 5.573%.
Analysts said falling yields could provide further support for Bitcoin. QCP Capital described a potential Treasury relief rally as a major upside catalyst, while order-book liquidity around $87,300 remained a key resistance level for BTC.
