Bitcoin Grinds Near $86,000 Amid Weaker US Jobs Data

Bitcoin's price hovered around $86,000 on Monday, following weaker-than-expected US jobs data that diminished expectations of an October Fed rate hike.

The data led to a sharp reduction in the likelihood of a rate hike, with expectations plummeting from around 64% to below 20%, according to various market analysts.

Bitcoin and Ethereum gained 0.84% and 0.54%, respectively, over the past 24 hours, while major altcoins such as XRP, Tron, Hyperliquid, Dogecoin, and Cardano rose up to 10.71%.

However, BNB and Solana fell up to 1% during the same period.

Experts believe that the current setup is supportive, despite the elevated 10-year Treasury yield near 5.26% and oil prices above $100, which continue to temper risk appetite.

For Bitcoin to continue its upward trajectory, it needs to hold above $86,000, while a sustained break above $87,000 to $88,000 could set up the next leg higher.