CoinDesk
Bitcoin rose 1% to just above $86,000 early Monday after weak U.S. jobs data prompted traders to drop bets on an October Federal Reserve rate hike. QCP Capital said Bitcoin needs to hold above $87,200 to confirm a next leg higher.
Why it matters
U.S. employers added 29,000 jobs in September, versus expectations of 84,000, while unemployment rose to 4.2%. Wage growth slowed to 3% year over year, its slowest pace since May 2021. The figures support a Fed pause, but have not eased pressure in longer-term borrowing costs.
Market impact
The 10-year Treasury yield stood at 5.25%. QCP attributed its resilience to heavy bond supply and the added return investors demand to hold long-dated debt. That leaves a tighter financial-conditions signal in place even as near-term rate-hike bets recede.
Dogecoin gained more than 3%, while HYPE rose nearly 3% to about $93. Ether and XRP added up to 1%; SOL, BNB and ZEC each slipped less than 1%. Weekend liquidations totaled $62.7 million, with short positions accounting for 68%. Traders will also watch Wednesday's release of minutes from the Fed's last meeting.
Frequently asked questions
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What did September's U.S. jobs report show?
Employers added 29,000 jobs, below expectations of 84,000. Unemployment rose to 4.2%, and annual wage growth slowed to 3%.
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What Bitcoin price level does QCP say traders should watch?
QCP Capital said Bitcoin needs to clear $87,200 to confirm its next leg higher.
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Why has the 10-year Treasury yield remained elevated?
QCP attributed the 5.25% yield to heavy bond supply and the extra return investors demand to hold long-dated debt.
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How large were weekend liquidations, and which side dominated?
Weekend liquidations totaled $62.7 million, with short positions making up 68% of the total.
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Which assets gained or fell alongside Bitcoin?
Dogecoin gained more than 3%, and HYPE rose nearly 3% to about $93. Ether and XRP gained up to 1%, while SOL, BNB and ZEC each slipped less than 1%.
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