Bitcoin rises ahead of U.S. jobs data as bond yields pressure markets
Bitcoin trades higher at the start of October as investors brace for U.S. labor market data and broader markets absorb a sharp rise in global bond yields. The cryptocurrency briefly moves above $86,885, even as a stronger dollar and mounting concerns over French public finances weigh on risk sentiment.
Highlights
- Bitcoin briefly surpasses $86,885 before settling near $86,000, up 1.5% on the day and 3% in October as investors await U.S. jobs data.
- The U.S. 10-year Treasury yield hits 5.34%, a multi-decade high, tightening financial conditions and maintaining bitcoin in a weeklong $82,000–$85,000 range.
- French five-year credit default swaps reach multiyear highs and the French-German 10-year bond yield spread widens to a 14-year record, signaling heightened fiscal concerns in Europe.
Market positioning before payrolls data
As reported by CoinDesk, bitcoin briefly climbs above $86,885 on Friday before easing back to around $86,000, leaving it about 1.5% higher on the day and roughly 3% up so far in October.Investors are watching the latest U.S. jobs figures for direction. The unemployment rate is expected to hold at 4.1%, while nonfarm payrolls are forecast to rise by 90,000 in September, down from 162,000 in August.
The move comes after bitcoin remains largely stuck in an $82,000 to $85,000 range through the week as government bond yields surge. The U.S. 10-year Treasury yield reaches 5.34%, a multi-decade high, raising borrowing costs as bond prices fall.
Dollar strength and European fiscal strain
The broader macro backdrop remains challenging for risk assets. The U.S. Dollar Index, which tracks the dollar against a basket of major currencies, briefly rises above 102 on Thursday to an 18-month high, a move that typically puts pressure on assets such as bitcoin.In Europe, the euro falls to around $1.12, its lowest level since May 2025, as concerns over France's public finances intensify. French five-year credit default swaps climb to a multiyear high, while the spread between French and German 10-year bond yields widens to its largest in 14 years.
France's borrowing costs also move above those of Italy and Greece, with French yields trading at their highest level relative to German bunds since the European debt crisis. The pressure adds to investor caution across markets as France contends with one of the EU's largest fiscal deficits.
Our earlier coverage of global bond-yield volatility highlighted how sharp moves in U.S. and European government debt were unsettling markets ahead of the U.S. nonfarm payrolls report. It noted the U.S. 10-year yield surging to multi-year highs alongside widening European spreads—signals that were keeping investors cautious across risk assets.
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