Live updates: Bitcoin under pressure as rates continue to rise
Bitcoin needs to clear $87,200 after soft jobs data, QCP says
Bitcoin rose 1% to just above $86,000 early Monday after a weak U.S. jobs report pushed traders to drop bets on an October Federal Reserve rate hike.
DOGE led the majors with a gain of more than 3%, and HYPE rose nearly 3% to about $93. Ether and XRP gained up to 1%, while SOL, BNB and ZEC each slipped less than 1%, according to CoinDesk data.
According to QCP Capital, U.S. employers added just 29,000 jobs in September, against expectations of 84,000. Unemployment rose to 4.2%, and wage growth slowed to 3% from a year earlier, the slowest pace since May 2021.
That supports a Fed pause in October, but long-term borrowing costs have barely moved. The 10-year Treasury yield sits at 5.25%, which QCP pinned on heavy bond supply and the extra return investors now demand to hold long-dated debt.
Weekend liquidations were light at $62.7 million, and short bets made up 68% of the total. "Acceptance above $87,200 remains necessary to confirm the next leg," the firm said.
Minutes from the Fed's last meeting come out Wednesday.