Bitcoin climbed above $87,000 on Friday, October 2, 2026, after a weaker-than-expected US jobs report pushed Treasury bond yields lower. The cryptocurrency reached $87,229 on Bitstamp, according to TradingView data, approaching an eight-month high before retreating below $86,000. It was trading near $86,700 at the time of writing.

September nonfarm payrolls increased by 29,000, well below the 84,000 expected by economists. August payrolls were revised lower from 162,000 to 133,000. The unemployment rate rose to 4.2% from 4.1%. Nonfarm payrolls, the US Bureau of Labor Statistics' monthly tally of US hiring, is among the most closely watched gauges of labor-market health and a key input into Federal Reserve policy expectations.

The Kobeissi Letter described the data as the third-weakest jobs report of 2026. In a post on X, the trading resource wrote:

BREAKING: The US economy adds +29,000 jobs in September, well below expectations of +89,000. The unemployment rate rose to 4.2%, above expectations of 4.1%. August's job number was also revised down by -29,000 jobs. This marks the third weakest jobs report of 2026. — The Kobeissi Letter (@KobeissiLetter) October 2, 2026

The post is available at https://x.com/KobeissiLetter/status/2105999190962872490?ref_src=twsrc%5Etfw.

US stocks also advanced following the report. The S&P 500 gained 1%, while the Nasdaq Composite rose 1.8%. Traders reduced their expectations for a Federal Reserve rate hike in October. CME Group’s FedWatch Tool showed an 18% probability of a 0.25% increase, down from 64% a week earlier. Rate expectations are closely watched in crypto markets because they feed into Treasury yields and overall liquidity conditions.

Treasury yields decline

US Treasury yields fell for a second consecutive day. The 30-year yield stood at 5.573%, while the 10-year yield was 5.2%.

Trading firm QCP Capital said a relief rally in Treasurys would provide Bitcoin with its clearest path higher. The firm added that Bitcoin had held up through a real-rate shock — a sharp move in inflation-adjusted yields — that weighed on gold prices.

On-chain analytics firm Glassnode said sellers had partly filled sell orders near $85,000 before withdrawing the remaining orders. According to Glassnode, removing that sell wall eliminated a resistance level that had limited Bitcoin’s advance. The firm identified the next cluster of sell orders near $87,000.

QCP Capital placed resistance at $87,400 and support at $82,500, noting that Bitcoin had held the support level three times during the week. Resistance between approximately $87,300 and $87,400 has been described by analysts as a potential gateway to $90,000.

Trader Ted, known on X as @TedPillows, said Bitcoin had broken out of a bullish pennant pattern amid rising spot demand. He said the asset was approaching its yearly open — the price at which Bitcoin began the year — and that a daily close above $87,500 could lead to a rapid move toward $90,000. He added that another rejection from the zone could send Bitcoin back to retest the breakout level at $84,500.

$BTC has broken out of its bullish pennant with rising spot demand. Now, Bitcoin is approaching its yearly open level. If BTC manages a daily close above $87,500, a rally towards $90,000 could happen quickly. Another rejection from this zone means BTC will retest the breakout… pic.twitter.com/ibfNPD5cmy — Ted (@TedPillows) October 2, 2026

The post is available at https://x.com/TedPillows/status/2106022448911065199?ref_src=twsrc%5Etfw.

Analysts discuss potential price levels

Bitcoin rose 12% in September, while gold — an asset traditionally treated as a haven in times of economic stress — declined 8.5% over the same period. QCP Capital said Bitcoin’s advance appeared to be driven by concentrated flows rather than a broad shift from bonds. The firm also cited approximately $2.6 billion in inflows into spot Bitcoin exchange-traded funds — funds that hold bitcoin directly and whose flows are widely tracked as a gauge of institutional demand — during September as a factor supporting the move.

Fabian Dori, chief investment officer at Sygnum Bank, said a weak jobs report was not automatically bullish for Bitcoin. He said liquidity remained the main driver for the cryptocurrency regardless of the employment data.

Paul Howard of Wincent said his year-end target of $100,000 remained unchanged. He also pointed to Citi’s revised price target of $113,000.

Matt Mena, senior crypto research strategist at 21Shares, said the fourth quarter has historically been Bitcoin’s strongest period, with average gains of 62.7%.

CoinCentral originally published the report at https://coincentral.com/bitcoin-btc-price-hits-87k-as-weak-jobs-data-sends-yields-lower/.

The article does not constitute investment advice.