Bitcoin reaches $86,885 ahead of upcoming U.S. jobs report
CIE News ·
Bitcoin climbed to $86,885 on Friday ahead of U.S. jobs data, according to CoinDesk, gaining roughly 3% in October despite pressure from high Treasury yields and a strong dollar.
Bitcoin (BTC) rose to a high of $86,885 on Friday ahead of upcoming U.S. employment figures before easing to trade near $86,000, according to CoinDesk. The asset traded up roughly 1.5% on the day and has gained approximately 3% in October despite broader market headwinds.
Market expectations project September nonfarm payrolls to rise by 90,000, falling from 162,000 reported in August, while the unemployment rate is anticipated to hold at 4.1%, CoinDesk reported. Surging bond yields, including the 10-year U.S. Treasury yield reaching 5.34%, had previously confined the cryptocurrency to an $82,000 to $85,000 range during the week.
Macroeconomic pressure also stemmed from the U.S. Dollar Index briefly climbing past 102 to an 18-month high on Thursday, according to CoinDesk. Concurrently, the euro slipped to around $1.12 amid fiscal concerns in France, where the spread between French and German 10-year yields reached its widest level in 14 years.