86,650 Dollars: Bitcoin Rises as Uptober Momentum Meets NFP Caution
- Bitcoin rose to $86,650.40 on Friday, extending a three-week upward trend and fueling optimism for traditional fourth-quarter market strength.
- The broader cryptocurrency market moved upward alongside Bitcoin, though gains stayed capped by the looming U.S.
- Traders often refer to October as "Uptober" due to the asset's historical tendency to post strong returns during the month.
Bitcoin rose to $86,650.40 on Friday, extending a three-week upward trend and fueling optimism for traditional fourth-quarter market strength. kr.investing.com reported that the world’s largest cryptocurrency gained 3% by 14:01 Korea Standard Time, building on a 6.4% advance through September. Trading activity remained measured, however, as market participants braced for the release of United States non-farm payrolls data.
Major Cryptocurrencies Rise as TRUMP Token Drops
The broader cryptocurrency market moved upward alongside Bitcoin, though gains stayed capped by the looming U.S. employment report. Ethereum, the world’s second-largest digital asset, climbed 0.4% to $2,728.87, while Ripple increased by 0.9%. Other major tokens recorded notable advances, with Solana rising 2.9%, Cardano gaining 0.5%, and BNB moving up 0.9%. Dogecoin also ticked 0.5% higher.
Among meme tokens, the $TRUMP token dropped 2.6%. That decline reversed a spike from the previous trading session, which occurred after the token’s operating entity promised its largest holders an invitation to a new dinner event with U.S. President Donald Trump.
Bitcoin Shows Historical October Gains Despite Recent Outflows
Traders often refer to October as “Uptober” due to the asset’s historical tendency to post strong returns during the month. Bitcoin has historically advanced in 10 out of the past 15 Octobers, posting an average gain of 27.4% in positive years and an average loss of 13% in negative ones. Despite starting October 2025 near all-time highs, the cryptocurrency suffered massive capital outflows triggered by U.S. tariff threats and anxieties surrounding artificial intelligence. Those outflows persisted through most of 2026, driving Bitcoin down to $58,000 before a recovery materialized over the preceding three months.
Federal Reserve Weighs Interest Rate Hikes Ahead of Jobs Report
Friday’s employment figures arrive as uncertainty builds regarding potential further interest rate hikes by the U.S. Federal Reserve. The central bank raised interest rates in early September and issued warnings regarding persistent inflation. Federal Reserve officials offered mixed signals ahead of the jobs report, with some policymakers advocating for additional rate increases and others indicating that immediate tightening was unnecessary. Inflation and labor market strength remain the central bank’s primary metrics for monetary policy adjustments, while a spike in U.S. Treasury yields added further downward pressure on digital asset markets.