Bitcoin briefly topped $86,885 on Friday and traded around $86,000, up roughly 3% in October, as traders waited on September's U.S. jobs report. Government bond yields and the dollar climbed at the same time, with France's borrowing costs also under pressure.
Bitcoin briefly topped $86,885 on Friday ahead of the latest U.S. jobs figures. The largest cryptocurrency by market capitalization then eased to around $86,000, but it remains about 1.5% higher on the day and roughly 3% higher in October.
Traders are positioning around the September jobs report, which forecasts nonfarm payrolls rising by 90,000, down from 162,000 in August. The unemployment rate is expected to hold at 4.1%.
A surge in government bond yields has kept bitcoin locked in the $82,000-$85,000 range throughout the week, with the U.S. 10-year Treasury yield reaching multi-decade highs of 5.34%. Yields move inversely to bond prices, so the spike means higher borrowing costs.
The U.S. Dollar Index, which measures the dollar against a basket of major currencies, briefly rose above 102 on Thursday, reaching an 18-month high. A stronger dollar typically pressures risk assets, though bitcoin has continued to advance. Meanwhile, the euro has fallen to around $1.12, its lowest level since May 2025.
Concerns over France's public finances have also weighed on the euro. French five-year credit default swaps have climbed to a multiyear high. The gap between French and German 10-year bond yields has widened to its largest in 14 years.
Bloomberg's Lisa Abramowicz noted that France's borrowing costs have overtaken those of Italy and Greece, with French yields trading at their highest level relative to German bunds since the European debt crisis. France also faces one of the EU's largest fiscal deficits.
Source: CoinDesk
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