Bitcoin Defies Expectations with Third Straight Week of Gains
Bitcoin's price rose for its third consecutive week as investors returned to risk assets ahead of October. The cryptocurrency climbed above $86,000 on October 2, with gains reaching up to 2.66% before paring back to around $86,200 by 10:30 am London time.
The surge in Bitcoin's price has been driven by strong institutional demand for exchange-traded funds (ETFs), which have boosted the asset's value by about 2% this week. This increase has helped Bitcoin conclude its biggest quarter since the end of 2024, with a gain of around 40% over the three months through September.
Some traders have been calling for a bottom in cryptocurrencies, which had been battered in 2026 after hitting an all-time high above $126,000 in October 2025. Bitcoin's resilience has come despite recent macro trends, including the US Senate's failure to advance a highly anticipated crypto regulation bill and the Federal Reserve's interest rate hike in mid-September.
Pratik Kala, head of research at Apollo Crypto, said 'Investors globally have observed this relative strength,' which is being driven by record-low sentiment. The early October boost coincides with the traditional seasonal trend known as 'Uptober', during which Bitcoin has posted gains in 10 out of the last 15 years.
The move higher comes ahead of next week's Token2049 event in Singapore, where industry leaders will converge amidst a more upbeat mood than expected just a few months ago. Investors are now focused on the US jobs report due on October 2, which is estimated to show nonfarm payrolls rising by around 90,000 in September.