TLDR
- Bitcoin spiked to $87,200 on Friday, its highest level since January, before pulling back below $86,000.
- September nonfarm payrolls came in at just 29,000 jobs, far below the 84,000 expected.
- Falling bond yields and a cleared sell wall near $85,000 helped push BTC higher.
- Resistance sits near $87,300 to $87,400, with analysts calling it the gateway to $90,000.
- Analysts expect Bitcoin could reach $90,000 to $100,000 by year end if resistance breaks.
Bitcoin climbed past $87,000 on Friday, October 2, 2026. The move came after a weak US jobs report pushed Treasury bond yields lower.
The cryptocurrency reached $87,229 on Bitstamp, according to TradingView data. This was just short of new eight-month highs.
Bitcoin later pulled back below $86,000. At the time of writing, it traded near $86,700.
September nonfarm payrolls came in at 29,000 jobs. Economists had expected 84,000. August figures were also revised down, from 162,000 to 133,000.
BREAKING: The US economy adds +29,000 jobs in September, well below expectations of +89,000.
The unemployment rate rose to 4.2%, above expectations of 4.1%.
August’s job number was also revised down by -29,000 jobs.
This marks the third weakest jobs report of 2026.
— The Kobeissi Letter (@KobeissiLetter) October 2, 2026
The unemployment rate rose to 4.2% from 4.1%. This was the third weakest jobs report of 2026, according to trading resource The Kobeissi Letter.
US stocks rose on the news. The S&P 500 gained 1%, while the Nasdaq Composite rose 1.8%.
Traders scaled back bets on a Federal Reserve rate hike. CME Group’s FedWatch Tool showed just an 18% chance of a 0.25% hike in October, down from 64% a week earlier.
Bond Yields Keep Falling
US bond yields dropped for a second straight day. The 30-year yield stood at 5.573%, while the 10-year yield was at 5.2%.
Trading firm QCP Capital said a Treasury relief rally would give Bitcoin its cleanest path higher. The firm noted Bitcoin has held up well through a real-rate shock that hurt gold prices.
On-chain analytics firm Glassnode said sellers had partly filled asks near $85,000 before pulling the rest. This removed a wall of resistance that had been capping price gains.
Glassnode pointed to the next cluster of sell orders sitting around $87,000. QCP put resistance at $87,400 and support at $82,500, noting Bitcoin held the support level three times this week.
Trader Ted, known on X as @TedPillows, said Bitcoin had broken out of its bullish pennant pattern with rising spot demand. He noted the asset is approaching its yearly open level, and said a daily close above $87,500 could trigger a fast move toward $90,000. He added that another rejection from this zone would send price back to retest the breakout level at $84,500.
$BTC has broken out of its bullish pennant with rising spot demand.
Now, Bitcoin is approaching its yearly open level.
If BTC manages a daily close above $87,500, a rally towards $90,000 could happen quickly.
Another rejection from this zone means BTC will retest the breakout… pic.twitter.com/ibfNPD5cmy
— Ted (@TedPillows) October 2, 2026
Analysts Weigh In On Next Moves
Bitcoin rose 12% in September while gold fell 8.5% during the same period. QCP said the rally looked more like a concentrated flow trade than a broad move away from bonds.
Spot Bitcoin ETFs recorded about $2.6 billion in inflows during September, which QCP cited as a factor behind the move.
Sygnum Bank Chief Investment Officer Fabian Dori said a weak jobs print is not automatically bullish. He said liquidity remains the main driver for Bitcoin either way.
Paul Howard of Wincent said his target of $100,000 by year end remains in place. He pointed to Citi’s revised price target of $113,000.
21Shares Senior Crypto Research Strategist Matt Mena said the fourth quarter is historically Bitcoin’s best, averaging 62.7% gains.
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