Bitcoin tests $87k resistance after surprisingly weak US jobs report

Bitcoin pushed past the $85,000–$86,000 range overnight and touched $87,000 on October 2. 21Shares strategist Matt Mena tied the move directly to the September employment report, which came in far below forecasts and shifted market bets on Federal Reserve policy.

The Bureau of Labor Statistics showed only 29,000 new jobs added last month, with unemployment rising to 4.2 %. July and August figures were revised lower by a combined 60,000. Traders quickly scaled back expectations for any near-term rate hikes.

Mena flagged $87,000 as the key resistance that capped prices for most of the year and pointed to $90,000 and $97,000 as the next hurdles. He also highlighted roughly $7 billion in net inflows into bitcoin ETFs during the third quarter.

Historically, the fourth quarter has been bitcoin’s strongest period, with average gains of 62.7 %. Mena believes the current macro backdrop sets the stage for a solid finish to the year.

Based on information from https://cryptonews.net