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Bitcoin jumps after weak US jobs report

Bitcoin briefly surged on Friday after weaker-than-expected US jobs data, touching $87,229 on Bitstamp. The move brought the cryptocurrency close to its highest level in eight months, but the rally did not hold and the price slipped back below $86,000 by the time of writing.

US stocks also rose at the Wall Street open after the data. The S&P 500 gained about 1%, while the tech-heavy Nasdaq Composite climbed 1.8%, as investors scaled back expectations for more aggressive tightening by the US Federal Reserve (Fed).

What did the nonfarm payrolls data and Fed expectations show?

September nonfarm payrolls came in well below market expectations. The US economy added 29,000 jobs, versus forecasts for 84,000, while August’s reading was revised down to 133,000 from 162,000.

According to CME Group’s FedWatch tool, the probability of a 0.25% rate hike at the Fed’s October meeting fell to 18% from 64% a week earlier. The shift helped push bond yields lower and supported buying in risk assets.

  • 30-year US Treasury yield: 5.573%
  • 10-year US Treasury yield: 5.2%

US Treasury yields declined for a second straight trading day. Even so, both maturities had hit 24-year highs on Wednesday, when the market largely brushed aside the softer August PCE inflation data closely watched by the Fed.

Bitcoin resistance and support levels come into focus

Although the initial reaction was strong, Bitcoin failed to establish itself above the multi-month highs seen in September. A sell wall around $87,300 in exchange order books is now being watched as the next resistance zone, while $82,800 stands out as key support on the daily chart.

Market commentary suggests that softer jobs data and falling bond yields are providing a supportive backdrop for Bitcoin. That view points to the possibility that, if real-rate pressure eases further, upside momentum in crypto assets could strengthen again.

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