Bitcoin Approaches $87,000 as Weak U.S. Jobs Report Boosts Fed Pause Bets

Bitcoin pushed back toward the $87,000 mark after a weaker-than-expected U.S. employment report increased market conviction that the Federal Reserve may hold rates steady rather than deliver another hike later this month. The U.S. economy added 29,000 jobs in September, far short of the roughly 84,000–90,000 economists had forecast. The unemployment rate ticked up to 4.2%. The Bureau of Labor Statistics also revised July and August payroll gains down by a combined 60,000, reinforcing signs that hiring has cooled more than previously assumed. BTC jumped immediately after the release, trading as high as about $87,086 before trimming gains. It was recently around $85,300, with the shift in the macro backdrop seen as more constructive for risk assets. Futures markets rapidly repriced the outlook for the Fed’s Oct. 27–28 meeting. Glassnode data shows the implied probability of an October hike dropping from about 66% at the start of the week to 22% by Friday afternoon. Softer inflation readings and more dovish Fed commentary also played a role, but the jobs data strengthened the argument for a pause. Chicago Fed President Austan Goolsbee said both a hike and a pause remain "on the table," signaling the decision is still open. Even with improving macro conditions, Bitcoin faces a key technical hurdle. The $87,000–$87,500 area has repeatedly capped advances, making it the most important near-term resistance. Recent breakout analysis points to the same zone as the level bulls need to clear before $90,000 becomes the next prominent target. Institutional flows continue to provide support. U.S. spot Bitcoin ETFs took in about $6.34 billion in Q3, including $2.65 billion in September, as BTC rose nearly 43% over the quarter. The rebound in ETF inflows adds another leg of demand behind the rally.