Bitcoin Breaks Through $86,000 as ETF Demand Surges Ahead of US Jobs Report

Bitcoin's price surged overnight to retake $86,000 as demand for US spot Bitcoin ETFs recovered. The cryptocurrency traded at $86,325.44 at 08:40 UTC on October 2, up 3.67% over the past 24 hours.

The return of ETF inflows is seen as a crucial factor in the price rise, with net inflows of $102.7 million recorded on October 1 after an outflow day. This development weakens the case that previous redemptions marked the start of sustained withdrawals.

According to CoinGlass's data, Bitcoin futures turnover reached about $70.58 billion over 24 hours, with approximately $135.47 million in liquidated positions. The majority of these liquidations involved short positions, which could be forcing bearish bets to close and adding buying pressure to the market.

The next test for Bitcoin's price is the upcoming US jobs report scheduled for October 2 at 12:30 UTC. Holding above $86,000 alongside continued ETF inflows would strengthen the case for sustained demand, while a quick reversal could repeat the earlier failed breakout's weakness.