Bitcoin Surpasses $86,000 as Traders Adjust for Fed Rate Hike
- Bitcoin rose by 1% to over $86,000 following a weak U.S. jobs report.
- U.S. employers added only 29,000 jobs in September, far below the expected 84,000.
- Unemployment increased to 4.2%, with wage growth slowing to its lowest since May 2021 at just 3%.
- Weekend liquidations totaled $62.7 million, with short bets comprising about 68% of the total.
- The yield on the ten-year Treasury remains steady at approximately 5.25% amid heavy bond supply.
The recent labor market data supports expectations for a pause in Federal Reserve rate hikes this October, influencing trader sentiment in the cryptocurrency market.
As Bitcoin trades above $86,000, the need for acceptance above $87,200 is highlighted for confirming further upward movement.(Source)
