Bitcoin experienced a remarkable surge on Friday, October 2, 2026, reaching a peak of $87,229 on Bitstamp, marking its highest price since January. This upward movement was significantly influenced by a dismal US jobs report that sent Treasury bond yields lower, creating favorable conditions for the cryptocurrency.
The September nonfarm payrolls report revealed that only 29,000 jobs were added, a staggering shortfall from the 84,000 anticipated by economists. Additionally, the August figures were revised downward, diminishing the previous month’s gains from 162,000 to 133,000. This underwhelming job growth has raised concerns about the strength of the economy, further impacting market dynamics.
As a direct consequence of the weak job data, the unemployment rate ticked up to 4.2%, slightly above the expected 4.1%. With this being the third weakest jobs report of 2026, it naturally led to speculation about the Federal Reserve’s next moves. The S&P 500 and Nasdaq Composite responded positively, with gains of 1% and 1.8% respectively, as traders recalibrated their expectations regarding interest rate hikes.
In the bond market, yields fell for the second consecutive day, with the 30-year yield at 5.573% and the 10-year yield at 5.2%. Analysts from QCP Capital noted that this decline in yields could pave the way for Bitcoin to ascend further, especially as selling pressure near the $85,000 mark began to dissipate. On-chain analytics firm Glassnode confirmed this sentiment, indicating that sellers had filled asks around the $85,000 level, effectively clearing a significant resistance barrier.
Despite pulling back slightly below the $86,000 threshold after the initial surge, Bitcoin’s resilience is evident. At the time of writing, Bitcoin was trading around $86,700. Analysts suggest that the next critical resistance levels lie between $87,300 and $87,400, with a breakthrough here potentially opening the gates to the coveted $90,000 level.
Trader Ted, an influencer in the crypto space, mentioned that Bitcoin has broken out of a bullish pennant pattern amid rising spot demand. He emphasized that a daily close above $87,500 could trigger a swift rally towards the $90,000 mark. Conversely, a rejection from this level may prompt a retest of the breakout point at $84,500.
The broader market has seen Bitcoin rise by 12% in September, contrasting sharply with a decline in gold prices, which fell by 8.5% during the same period. The momentum appears to be bolstered by significant inflows into spot Bitcoin ETFs, which recorded approximately $2.6 billion in September alone, as noted by QCP Capital.
Looking ahead, analysts remain optimistic. Paul Howard from Wincent maintains his price target of $100,000 by year’s end, pointing to Citi’s revised projection of $113,000. Meanwhile, 21Shares’ Senior Crypto Research Strategist, Matt Mena, highlighted that the fourth quarter historically yields substantial gains for Bitcoin, averaging an impressive 62.7% increase.
As the crypto community watches closely, the interplay between economic indicators and market sentiment will undoubtedly shape Bitcoin’s trajectory in the coming months. With the potential for further price increases on the horizon, all eyes are on the pivotal resistance levels ahead.
