How bitcoin approached $87,000 on weak US data

bitcoin on the morning of monday, october 5, rose to almost $87,000 and came close to the eight-month high recorded at the end of september. later, the movement reversed: the price dropped slightly below $86,000, but over the day the cryptocurrency was still up 1.3%, reports CoinDesk.

“Trades Closed From +40% Profit”

“+1,300$/Month in Profit”

“Stable 500$–600$ Withdrawals”

Another Breakout Attempt Fails

for bitcoin, this was already the second attempt in a week to break through the late september high area around $87,400. the market again failed to consolidate above this level.

a similar dynamic was observed on wednesday, september 30. then bitcoin jumped to $85,500 after a softer us inflation report, but within a few hours had completely lost its gains.

What Supported the Market

monday’s growth was supported by weak us labor market data published on friday, october 2. such statistics reduced pressure on the fed regarding further interest rate hikes.

against this backdrop, the yield on 10-year treasuries fell by 2 basis points to 5.25%. at the same time, the figure remains near its highest since 2002.

Performance of Other Cryptocurrencies

among major crypto assets, DOGE rose the most, gaining over 3%. XRP, BNB, and ZEC rose by 1–2%.

ethereum and HYPE strengthened by less than 1%, while SOL and TRX traded with almost no change.

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