Bitcoin advanced roughly 3% in October, with traders positioning ahead of September’s U.S. employment report as elevated Treasury yields and a stronger dollar continue to create headwinds for risk assets.
BTC briefly climbed to $86,885 on Friday before the jobs figures were released. The cryptocurrency then slipped back toward $86,000, but remained about 1.5% higher over the day and roughly 3% above its October starting point.
Markets expect the unemployment rate to hold steady at 4.1%. September nonfarm payrolls are projected to increase by 90,000, considerably below the 162,000 jobs added in August.
Treasury yields have remained a major factor in Bitcoin’s recent price action. The U.S. 10-year Treasury yield reached 5.34%, a multidecade high, keeping BTC largely confined to the $82,000-$85,000 range during the week. Rising yields correspond with falling bond prices and generally translate into higher borrowing costs.
The U.S. dollar has also strengthened. DXY, which measures the dollar against a basket of major currencies, briefly exceeded 102 on Thursday and touched an 18-month high. A stronger dollar can weigh on risk assets, although Bitcoin has continued to move higher. The euro, by comparison, declined to approximately $1.12, its lowest level since May 2025.
Fiscal concerns in France have added to the euro’s weakness. Five-year French credit default swaps, which measure the cost of protection against a sovereign default, have risen to a multiyear high. At the same time, the spread between French and German 10-year government bond yields has expanded to its widest point in 14 years.
French borrowing costs have surpassed those of Italy and Greece, Bloomberg’s Lisa Abramowicz noted, while the premium on French government bonds relative to German bunds is at its highest since the European debt crisis. France also continues to run one of the European Union’s largest fiscal deficits.
