Bitcoin is approaching the $87,000 level!

Bitcoin traded above $85,000 on Monday, approaching the $87,000 level. At 09:27, the cryptocurrency was up 1.1% at $85,929.4. During the day, Bitcoin climbed as high as $86,995.4. One of the main drivers of the rise was weaker-than-expected U.S. employment data. The country added only 29,000 jobs in September. This reduced expectations that the Federal Reserve would tighten its interest rate policy. Markets are pricing in less than a 20% chance of a rate hike in October.

However, rising U.S. Treasury yields are putting pressure on Bitcoin. The yield on 10-year Treasury bonds rose to 5.28%. A stronger dollar and concerns over inflation are also making it difficult for the cryptocurrency to hold above $87,000. Among other cryptocurrencies, Ethereum gained 0.7%, XRP rose 1.3%, and BNB increased 0.6%. Cardano climbed 10.6% to $0.2707. Inflows into spot Bitcoin ETFs are also supporting the market. The funds attracted $102.7 million on October 1 and $189.8 million on October 2. Traders are watching whether Bitcoin can hold the $87,000 level. A sustained rise could strengthen expectations of a move toward $90,000.