Bitcoin has risen about 3% since the start of October, with traders turning their attention to September’s U.S. jobs report as bond yields and the dollar continue to pressure broader risk markets.
BTC briefly reached $86,885 on Friday before the employment data was released. It later retreated toward $86,000 but remained around 1.5% higher for the day and approximately 3% higher for October.
The U.S. unemployment rate is expected to remain at 4.1%. Economists also forecast 90,000 new nonfarm payrolls for September, down sharply from the 162,000 jobs added in August.
A jump in Treasury yields has kept Bitcoin contained in an $82,000-$85,000 range for much of the week. The U.S. 10-year Treasury yield climbed as high as 5.34%, a multidecade high. Since bond prices move inversely to yields, higher yields increase borrowing costs and can reduce demand for riskier assets.
The dollar has strengthened at the same time. The U.S. Dollar Index, or DXY, briefly moved above 102 on Thursday, reaching an 18-month high. A stronger greenback often creates headwinds for risk assets, although Bitcoin has continued to advance. The euro has moved in the opposite direction, falling to roughly $1.12, its lowest level since May 2025.
The euro’s decline has been compounded by concerns about France’s fiscal position. French five-year credit default swaps, which indicate the cost of protecting against a government default, have reached a multiyear high. Meanwhile, the yield spread between French and German 10-year bonds has widened to its largest level in 14 years.
French borrowing costs have also moved above those of Italy and Greece, Bloomberg’s Lisa Abramowicz noted. French government bonds are trading at their widest yield premium to German bunds since the European debt crisis, while France continues to carry one of the European Union’s largest fiscal deficits.
