'Uptober' Off With a Bang as Bitcoin Surges to $86K
Bitcoin rose to about $86,757, up 3% in 24 hours, after a strong September and remains about 31% below its peak. The rally followed cooler August core PCE inflation, which shifted markets toward a Federal Reserve rate hold at the October 28 meeting. Treasury yields had pressured Bitcoin, but the break above its trading range triggered short covering and fresh buying. Labor data were mixed: jobless claims stayed low and ADP hiring beat forecasts, but September nonfarm payrolls were far weaker than expected at 29,000 and unemployment ticked up to 4.2%, reinforcing the case for a hold while raising labor-market concerns. Spot Bitcoin ETFs remained a major support, taking in $2.65 billion in September and $6.34 billion in the third quarter. Analysts said positioning is not overly leveraged, with options showing downside protection and upside bets. October and November are historically strong months for Bitcoin, but future gains depend on inflation and Fed policy.
