Bitcoin climbed past $85,000 as shorts closed. Will buyers stay after the jobs report?
Short covering and spot ETF demand helped Bitcoin reclaim $85,000 as traders awaited whether the softer jobs report would sustain the move.
- Bitcoin settled at $85,206 on Friday, October 2, 2026, up 0.42% as U.S. payrolls rose only 29,000 against a 90,000 forecast. The 10-year Treasury yield rose to 5.28% from 5.24%.
- Prior to the jobs report, Bitcoin products recorded roughly $3.08 billion in inflows over nine sessions, followed by a September 30 outflow of about $148.7 million. The reversal represented about 4.8% of the preceding streak.
- Traders covering short contracts faced liquidation as positions migrated across venues. If an investor demands 1,000 Bitcoin over a short window, thinner markets may gap sharply, complicating price discovery.
- Citi raised its 12-month Bitcoin target to $113,000, citing SEC rulemaking and Treasury buybacks. However, the 10-year Treasury yield at 5.28% remains a headwind for non-interest-bearing assets like Ethereum, which closed at $2,714.
- The immediate path for Bitcoin depends on U.S. data and yields; analysts are watching whether Bitcoin holds the $85,000 support level. Sustained trading above this level would require evidence of new unhedged demand rather than short covering alone.
15 Articles
15 Articles
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Bitcoin climbed past $85,000 as shorts closed. Will buyers stay after the jobs report?
Bitcoin reclaimed $85,000 on October 2 before the United States released its September employment report. The rally arrived with reports of short positions closing and a softer dollar, but a trader buying back a losing short is not the same…
Bitcoin Hits $87,229 After US Payrolls Miss 29,000-Job Mark
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