Bitcoin temporarily rallied past $86,885 on Friday before easing slightly to trade around $86,000, maintaining a 1.5% gain for the session. The world’s largest cryptocurrency by market capitalization has gained approximately 3% so far in October as investors position themselves ahead of the crucial U.S. nonfarm payrolls report. Consensus estimates expect September payrolls to increase by 90,000 — a slowdown from August’s 162,000 additions — while the national unemployment rate is projected to hold steady at 4.1%.
The digital asset’s recent upward move comes after a week of rangebound trading between $82,000 and $85,000, held back by a sharp spike in global bond yields. The U.S. 10-year Treasury yield surged to a multi-decade high of 5.34%, pushing borrowing costs higher across financial markets. Furthermore, the U.S. Dollar Index briefly topped 102 on Thursday to notch an 18-month high. Despite the conventional headwinds posed by a rising greenback and elevated yields, Bitcoin has demonstrated notable resilience compared to other risk assets.
Broader currency markets continue to face volatility, particularly in Europe, where the euro sank to around $1.12 to hit its lowest valuation since May 2025. Financial pressure in the eurozone has intensified alongside mounting concerns over France’s public debt and fiscal deficit. Market indicators reflect this stress, with French five-year credit default swaps reaching multiyear highs and the yield spread between French and German 10-year bonds expanding to its widest point in 14 years. France’s sovereign borrowing costs have now surpassed those of Italy and Greece, climbing to their highest levels relative to German bunds since the European debt crisis.
