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Bitcoin climbed above $86,000 on Monday as weaker-than-expected U.S. employment data reduced expectations that the Federal Reserve will raise interest rates in October. However, QCP Capital says BTC still needs to break above $87,200 to confirm its next bullish move.
Bitcoin gained about 1% in early trading, while several major cryptocurrencies also advanced. Dogecoin led large-cap tokens with a gain of more than 3%, while HYPE jumped nearly 3% to around $93. Ether and XRP rose as much as 1%. Solana, BNB and Zcash slipped by less than 1%, according to CoinDesk data.
The crypto market received support from September's U.S. jobs report, which showed a notable slowdown in hiring. According to QCP Capital, employers added only 29,000 jobs during the month, well below economists' forecast of 84,000.
The unemployment rate increased to 4.2%, while annual wage growth slowed to 3%, marking its weakest pace since May 2021. The softer labor market figures prompted traders to reduce bets on another Federal Reserve rate hike in October, potentially easing a key source of pressure on Bitcoin and other risk assets.
Despite weaker employment conditions, longer-term U.S. borrowing costs remain elevated. The benchmark 10-year Treasury yield was around 5.25%. QCP attributed the resilience in yields to heavy government bond issuance and a higher term premium demanded by investors for holding longer-dated debt.
Crypto derivatives markets remained relatively calm over the weekend. Total liquidations reached just $62.7 million, with short positions accounting for roughly 68% of the total.
QCP said Bitcoin's next major technical test remains near $87,200. A sustained move above that level could provide confirmation of another upward leg, while failure to break through may keep BTC confined to its recent trading range.
Investors will now turn their attention to minutes from the Federal Reserve's latest policy meeting, scheduled for Wednesday, for additional clues about the outlook for U.S. interest rates.
