Bitcoin Tops $87,000 After Weak US Jobs Data, Then Pulls Back: What Comes Next?

Quick take

• Bitcoin briefly topped $87,000 on October 2 (daily high $87,085), then slipped back to the $84,500–$85,000 range.
• The trigger: a weaker-than-expected US jobs report cut the odds of a rate hike at the October 28 meeting to about 22%, from about 64% a week earlier.
• $87K remains this year's hard ceiling and is the highest level since January.
• Next big event: the US CPI inflation report on October 14.

What happened?

On October 2, Bitcoin jumped above $87,000, hitting a daily high of $87,085, after US labor-market data came in weaker than expected. The move did not hold: price slipped back to the $84,500–$85,000 range as traders took profits at the same resistance that has capped rallies several times this year, most recently on September 21 at $87,291.

• $87,085Daily high on October 2
• 22%Odds of an October 28 hike (from 64%)
• 3.75–4.00%Current US policy rate range
• +$134MSpot Bitcoin ETF net inflows on Oct 1–2

Why it matters

A weak jobs report means less pressure on the Federal Reserve to tighten, which usually supports risk assets such as crypto. CME FedWatch showed the odds of a hike at the October 28 meeting falling to about 22%, down from roughly 64% just a week earlier.

At the same time, US spot Bitcoin ETFs returned to inflows: about $102.7 million on October 1 and $31.7 million on October 2, after a $148.7 million outflow on September 30. Renewed institutional demand is typically what price needs to break major resistance.

What to watch

• $87,000–$87,300: a daily close above this zone would be the first real break of this year's ceiling.
• $90,000: seen by 21Shares' Matt Mena as the next level if the breakout happens.
• October 14: US CPI data; an upside surprise could push hike odds back up.
• Daily ETF flows: continued inflows support the bullish scenario.

FAQ

Why did Bitcoin pull back after touching $87,000?

That level has acted as repeated resistance this year, and many traders take profits there, so price tends to consolidate until a stronger catalyst appears.

Are lower rate-hike odds good for crypto?

Usually yes: calmer rate expectations support risk assets, but that does not guarantee short-term price direction.

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Sources: market price data, CME FedWatch, US spot Bitcoin ETF flow data, and comments from 21Shares.

This content is for news purposes only and is not investment advice. Crypto prices are highly volatile, so do your own research before making decisions.