Bitcoin Extends Rally to Third Straight Week Above $86,000
Bitcoin continued its upward trend for the third consecutive week, rising above $86,000 after strong demand from institutional investors poured into exchange-traded funds. This surge has helped the cryptocurrency conclude its biggest quarter since the end of 2024, with a gain of approximately 40% in the three months through September.
The token's resilience in the face of recent macro trends is notable. Despite the US Senate's failure to advance a highly anticipated crypto regulation bill and the Federal Reserve's interest rate hike in mid-September, Bitcoin remained relatively unscathed.
Pratik Kala, head of research at Apollo Crypto, attributed the token's buoyancy to its relative strength and the shift in investor sentiment. 'Dips are for buying' when sentiment is as low as it was two months prior, he said.
The early-October boost coincides with the traditional 'Uptober' trend in crypto markets, where Bitcoin has posted gains in 10 of the last 15 Octobers. Investors are now focused on the US jobs report, which is expected to show non-farm payrolls rising roughly 90,000 in September.