Bitcoin Hits $86,885 as Markets Brace for U.S. Jobs Data
Bitcoin briefly climbed to $86,885 on Friday as traders positioned themselves ahead of the latest U.S. employment figures, despite broader headwinds from a strengthening dollar and rising bond yields.
Bitcoin saw a brief push to $86,885 on Friday, moving higher as the market looks toward the upcoming U.S. jobs report. While the asset later eased to trade around $86,000, it remains up approximately 3% for October and roughly 1.5% higher on the day.
The upcoming economic data is expected to show nonfarm payrolls increasing by 90,000 in September, a decline from the 162,000 reported in August. The unemployment rate is forecast to hold steady at 4.1%.
Broader market conditions have been defined by a surge in government bond yields, with the U.S. 10-year Treasury yield hitting multi-decade highs of 5.34%. This spike in yields, which indicates higher borrowing costs, had kept bitcoin confined to a range between $82,000 and $85,000 throughout the week.
The U.S. Dollar Index also reached an 18-month high after briefly crossing 102 on Thursday. A stronger dollar typically creates pressure on risk assets, though bitcoin has managed to advance despite this trend.
Meanwhile, the euro has faced its own challenges, falling to around $1.12, its lowest level since May 2025. This weakness is partly tied to concerns over French public finances, with the gap between French and German 10-year bond yields widening to its largest in 14 years. French borrowing costs have now surpassed those of Italy and Greece, as the country faces one of the largest fiscal deficits in the European Union.
