Bitcoin climbs above 86 thousand dollars

Following the recovery seen in the cryptocurrency market in September, Bitcoin has climbed back above 86 thousand dollars. According to CoinMarketCap data, the total value of the global cryptocurrency market increased by 2.27 percent in the last 24 hours, reaching 2 trillion 930 billion dollars.

Having left September behind by recouping its losses, Bitcoin has also started October on a strong note. The period historically associated with bullish expectations among crypto investors, known as "Uptober," has been one of the factors supporting market optimism.

In 10 of the past 15 years, Bitcoin has finished October with an average gain of 27.4 percent. As of 12:45 today, the leading cryptocurrency was trading at 86 thousand 347 dollars, an increase of over 3 percent. Its weekly gain has reached 2.6 percent.

Ethereum, which ranks second in terms of market capitalization, also rose by approximately 2 percent to reach the 2 thousand 745 dollar level. Analysts point out that Bitcoin has shown a strong recovery trend over the last three months after falling to the 58 thousand dollar level earlier this year due to US tariff threats and AI-focused stock rotations.

Nevertheless, the cautious atmosphere in the markets has not completely dissipated. Geopolitical risks, the current interest rate environment, and uncertainties regarding the US Federal Reserve's interest rate path are being closely monitored. Analysts state that the US non-farm payroll data to be released today could influence the short-term direction of crypto assets.

A resilient outlook in the labor market could create pressure on risky assets, as it may provide room for the Fed to maintain a tighter stance on interest rate policy. For this reason, it is assessed that investors are acting cautiously ahead of the data, despite the upward trend in the crypto market.

News Source: 12punto