Bitcoin Climbs Above $86,000 Ahead of Key U.S. Jobs Report

Bitcoin has gained roughly 3% in October as traders prepare for September’s U.S. employment report, even as higher bond yields and a stronger dollar continue to weigh on broader financial markets.

Bitcoin briefly climbed to $86,885 on Friday ahead of the latest U.S. labor-market figures. The largest cryptocurrency by market capitalization later pulled back toward $86,000 but remained about 1.5% higher on the day and roughly 3% higher since the start of October.

Economists expect the unemployment rate to hold at 4.1%. September nonfarm payrolls are projected to rise by 90,000, a significant slowdown from the 162,000 jobs added in August.

Higher government bond yields have been a key factor limiting Bitcoin’s gains this week. The U.S. 10-year Treasury yield reached multi-decade highs of 5.34%, helping keep BTC within an $82,000-$85,000 range for much of the week. Because bond prices and yields move in opposite directions, rising yields translate into higher borrowing costs.

The dollar has also strengthened. The U.S. Dollar Index, which tracks the greenback against a basket of major currencies, briefly moved above 102 on Thursday to reach an 18-month high. A stronger dollar can weigh on risk assets, although Bitcoin has continued to rise despite the move. The euro, meanwhile, has fallen to about $1.12, its weakest level since May 2025.

Pressure on the euro has increased as concerns surrounding France’s public finances have grown. French five-year credit default swaps, which reflect the cost of insuring against a sovereign default, have risen to a multiyear high. The spread between French and German 10-year government bond yields has also widened to its highest level in 14 years.

France’s borrowing costs have now moved above those of Italy and Greece, Bloomberg’s Lisa Abramowicz noted, while French bond yields are trading at their highest premium to German bunds since the European debt crisis. France also has one of the largest fiscal deficits in the European Union.