- Bitcoin climbed above $86,000 after breaking through heavy selling near $85,000.
- September payrolls rose just 29,000 as unemployment increased to 4.2%.
- ETF demand and short liquidations supported the latest Bitcoin rally.
Bitcoin price moved above $86,000 on Friday after breaking through a major sell wall near $85,000. BTC later traded near $86,700 after briefly topping $87,000. The move followed weak U.S. jobs data and renewed demand across spot Bitcoin ETFs.
Bitcoin Price Rises as Weak Jobs Data Shifts Fed Outlook
Bitcoin price gained momentum after U.S. employers added only 29,000 jobs in September. Economists had expected about 90,000 new positions. Meanwhile, the unemployment rate increased to 4.2% from 4.1%.
The weaker report reduced expectations for another Federal Reserve rate increase in October. Bitcoin had already climbed before the release, but the data strengthened the move. Higher borrowing costs had pressured the crypto market as Treasury yields climbed above 5%.
Short liquidations also added fuel to the Bitcoin rally. Bitcoin shorts worth more than $120 million were liquidated over 24 hours. Futures open interest increased by about $2.3 billion during the advance.
Bitcoin Price Faces Resistance Near $87,500 After Breakout
Bitcoin price also benefited from persistent U.S. spot ETF demand. The funds attracted about $2.65 billion during September. They also recorded roughly $6.34 billion in net inflows during the third quarter.
Glassnode identified the next large group of sell orders around $87,000. QCP Capital placed resistance near $87,400 and support around $82,500. The firm identified $87,400 as a key level before a possible move toward $90,000.
Bitcoin price remains near levels last tested during September’s rally. Bitget Wallet research previously marked $87,500 as an important October resistance area. It also placed support between $82,000 and $82,500.
The next major macro event arrives on October 14 with September U.S. consumer inflation data. That release gives Federal Reserve officials another key reading before their October meeting. Bitcoin price may remain sensitive to rate expectations, ETF flows, and derivatives positioning.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
