Bitcoin trades near $86,000 as weak US jobs data dims rate hike expectations

Bitcoin traded near $86,000 on Monday after weaker US jobs data substantially reduced expectations of a Federal Reserve rate hike in October. Analysts attributed the gains to an improved macroeconomic backdrop, rising institutional demand, and inflows into Bitcoin ETFs.

However, elevated Treasury yields and oil prices above $100 per barrel may continue to pressure broader risk appetite. The softer employment figures have shifted market sentiment around the Fed's monetary policy path, providing some support to cryptocurrency valuations.