Bitcoin briefly moved above $87,000 on October 2, 2026, after a report of weaker-than-expected US payroll growth coincided with falling Treasury yields and reduced expectations of a Federal Reserve rate hike. The move did not hold: Cointelegraph, citing TradingView data, reported a Bitstamp high of $87,229 and said Bitcoin had fallen back below $86,000 by publication time. The jobs report was described as a catalyst for the rally, not proof of its sole cause.
Why did Bitcoin hit $87,000?
The immediate explanation in Cointelegraph’s October 2 report was a weaker-than-expected US jobs figure. Cointelegraph reported that September nonfarm payrolls increased by 29,000, against an 84,000 expectation, and that August’s increase was revised down from 162,000 to 133,000. Those figures are reported by Cointelegraph; they are not independently confirmed here against the official Bureau of Labor Statistics release.
Markets can interpret weaker employment growth as a reason for the Federal Reserve to keep policy less restrictive than previously expected. Cointelegraph linked the payroll report to lower Treasury yields and a reduction in expectations for a near-term rate hike, conditions that can support demand for risk assets such as Bitcoin. That is a contemporaneous market explanation, not evidence that jobs data alone caused the price move.
How do Treasury yields affect Bitcoin?
Treasury yields are a reference point for returns on relatively low-risk US government debt. When yields fall, some investors may find riskier assets more attractive by comparison; lower yields can also reflect expectations of easier monetary policy. That relationship can help explain why a rate-sensitive market might respond positively to a weaker jobs report, but it does not make Bitcoin’s price response automatic.
What’s actually slowing this PC down?
Pick the symptom - the matching free tool is one click away.
#1 Best Overall
- BITCOIN EXCLUSIVE, PHONE VERIFICATION: Bitkey is designed from the ground up exclusively for bitcoin — a dedicated hardware wallet for secure bitcoin storage. Approve transactions with a tap using your phone and NFC. No device screen is required.
- SELF-CUSTODY, NO EXCHANGE OR CUSTODIAN REQUIRED: You hold two of the three keys in the Bitkey system – one on your phone and one on your Bitkey device. The third is stored on Bitkey’s server and cannot move your bitcoin on its own.
- NO SEED PHRASE: Set up and use Bitkey without creating or storing a seed phrase.
- 2-of-3 MULTISIG: Three keys are stored separately across your phone, Bitkey device, and Bitkey’s server. Any two keys are required to move your bitcoin.
- BUILT-IN RECOVERY: Encrypted backup and recovery tools can help you regain access if you lose your phone or Bitkey device. You can also designate a Recovery Contact.
QCP Capital’s October 2 market note offered a conditional version of that view: “For Bitcoin, a Treasury relief rally would provide the cleanest upside catalyst. The asset has already demonstrated resilience through a real-rate shock that pressured gold.” This was QCP Capital’s assessment, not a guaranteed outcome or consensus forecast.
Was the move above $87,000 sustained?
No. Cointelegraph reported a Bitstamp intraday high of $87,229 on October 2, citing TradingView, then said Bitcoin had retreated below $86,000 by the time the report was published. The $87,229 figure is a reported historical price observation, not a current quote or evidence that Bitcoin established $87,000 as a lasting level. Cointelegraph described the high as near an eight-month high, not an all-time high.
Rank #2
- Unparalleled Security: Protect your assets NDA-free EAL 6+ Secure Element, offering robust defense and complete transparency
- Simple & Secure Interface: Manage your digital assets easily with a clear OLED screen for secure on-device confirmations
- Supports 1000s of Coins & Tokens: Securely handle thousands of assets, including Bitcoin, Ethereum, and more, all in one wallet
- Effortless Asset Management: Monitor and transact seamlessly with Trezor Suite, our intuitive desktop and mobile app
- Enhanced Backup Solution: Rest assured with Multi-share Backup, eliminating single points of failure for secure cold wallet recovery
QCP Capital’s note gave a separate market observation: a spot Bitcoin print of $86,913. It also described a 14.6% gain from its September 15 low of $74,968. These are figures from QCP’s note and should not be confused with Cointelegraph’s reported Bitstamp high.
What else may have contributed to the rally?
The payroll-and-yields explanation is only one part of the picture. QCP Capital discussed flows and positioning alongside macroeconomic conditions, including ETF flows, real yields, regulatory developments, options positioning, and technical levels. It also warned that flows could shift rapidly and market dynamics could remain structurally fragile.
Free tools Windows power users keep installed
One-click scans. No signup required.
Rank #3
- Secure Element Protection: EAL6+ certified secure element with passphrase protection provides robust physical security for your digital assets
- User-Friendly Interface: Two-button pad device interface designed for straightforward and intuitive operation
- Bright OLED Display: Clear and bright OLED screen enables easy and secure hands-on verification of transactions
- On-Device Security Features: PIN and passphrase protection enabled directly on the device for enhanced security
- Open-Source Transparency: Fully open-source design allows for transparent security verification and community auditing
Cointelegraph additionally discussed technical resistance and order-book liquidity. These factors can interact: a change in macro expectations may coincide with positioning or trading flows that amplify a move, while nearby resistance or limited liquidity can affect how far a price advances. The available reporting does not isolate the contribution of any one factor.
How to read claims about Fed rate-cut or hike odds
Rate probabilities shown by CME FedWatch are implied by prices in 30-Day Fed Funds futures; they are not the Federal Reserve’s own forecast or a promise about its next decision. CME asks media to attribute them as “CME FedWatch” probabilities. Because the live tool changes, a historical probability for October 2 requires a timestamped capture. No specific historical percentage is established here.
Rank #4
- Dual-chip architecture for maximum protection: The next-gen, fully auditable TROPIC01 chip works alongside a certified EAL6+ Secure Element—completely NDA-free—to deliver radically transparent, industry-leading defense against physical attacks.
- Quantum-ready security: Get protection against future threats with the first-ever hardware wallet designed with quantum-ready architecture.
- See every detail with confidence: Our largest high-resolution color touchscreen makes it easy to navigate your assets, review transactions and manage your coins with clarity.
- Wireless freedom with encrypted Bluetooth control: Manage, buy, swap and stake securely using Trezor Suite on desktop or mobile. Qi2-compatible wireless charging keeps your Trezor powered up. No cables required—security meets convenience.
- Works seamlessly with Android, iOS and desktop: Connect wirelessly or via USB-C to your phone or computer. Manage your crypto anywhere with our companion Trezor Suite app.
What the reported jobs figures do—and do not—establish
The payroll numbers above are attributed to Cointelegraph’s October 2, 2026 report. Without the official BLS release in hand, they should not be presented as independently verified government figures. The report’s reaction and market interpretation explain the timing of Bitcoin’s move, but they do not establish a single cause or show that the price would continue rising.
Quick Recap
Best Value
- Effortlessly build your crypto portfolio via the all in one Ledger Wallet app: buy, sell, send, receive, swap, stake and more across popular blockchains. 15,000+ coins & tokens in a single dashboard. Keep a close eye on the market. Compare service providers. Track performance. Get timely alerts. Build your portfolio with confidence.
- Effortlessly build your crypto portfolio via the all in one Ledger Wallet app: buy, sell, send, receive, swap, stake and more across popular blockchains. 15,000+ coins & tokens in a single dashboard. Keep a close eye on the market. Compare service providers. Track performance. Get timely alerts. Build your portfolio with confidence.
- Enjoy Bluetooth connectivity, iOS access, and hours of battery use with this mobile-first, secure backup signer. Freedom you can depend on.
- Genuine Check: confirm your signer is authentic during setup with the Ledger Wallet app.
- Protect your signer: keep it in mint condition at all times with a bespoke Pod or Case to avoid scratches and everyday wear and tear.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
