Bitcoin Climbs Toward $87K as Soft U.S. Jobs Data Bolsters Rate-Pause Bets

U.S. labor market data came in far weaker than expected, helping lift Bitcoin toward the $87,000 handle as traders leaned into a more dovish read on the Federal Reserve. Employers added just 29,000 jobs in September, well below forecasts for 90,000. The unemployment rate ticked up to 4.2% from 4.1%, and wage growth also disappointed: average hourly earnings rose 0.1% month over month versus 0.3% expected, with annual wage gains at 3.0% compared with a 3.2% consensus. Bitcoin was already trading above $86,000 ahead of the release, then accelerated to around $87,250 immediately after the data. The move was swift but not unchecked: BTC gained roughly $1,000 before running into resistance near $87,250. CoinMarketCap later showed Bitcoin changing hands around $86,062. The payrolls report also included a notable revision to the prior month. August job growth was revised down to 133,000 from 162,000 previously reported, reinforcing the sense of cooling momentum. With hiring slowing, unemployment edging higher and wage pressures easing, markets increased bets that the Fed can afford a less restrictive stance. Prediction markets cited in the report put the probability of a Fed pause at 85% following the release, a sharp shift from the more hawkish tone that followed stronger labor data last month. Bitcoin's rally extended a breakout attempt beyond the $82,000–$85,000 band that defined the start of Q4, but the move has yet to confirm it can hold above nearby resistance. Traders are now watching whether buyers can defend levels above $86,000 and make another run at $87,250. Even so, one data point is unlikely to settle the Fed's path. Inflation remains the central variable for policy, leaving crypto markets sensitive to upcoming macro releases and the risk that the latest jump proves to be another short-lived, macro-driven spike after a volatile start to the fourth quarter.