Bitcoin Regains Some Momentum but Stays Below $87,000

Dow Jones15:33

0733 GMT - Bitcoin regains some ground in Asia, reclaiming the $86,000 handle but not quite managing to break $87,000--a key test of momentum. The moves come after a weaker-than-expected U.S. jobs report pared bets on another Fed rate increase in October, says Linh Tran at XS.com. Bitcoin is struggling to surpass its recent high, indicating that buyers may have the upper hand but not yet full control. While weak employment could encourage a Fed pause, elevated inflation and Treasury yields may limit Bitcoin's upside, Tran adds. If ETF inflows reaccelerate, U.S. spot demand improves and yields decline, Bitcoin could break above $87,000-$87,500 and move toward $90,000. If prices continue to rise while spot demand weakens and leveraged positioning expands, a correction could be more likely. Bitcoin rises 0.4% to $86,190.

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