Bitcoin Hits $86k Amid 'Uptober' Hopes, Caution Ahead of Nonfarm Payrolls

Bitcoin rose to $86,650.4 by 01:01 ET (05:01 GMT) on Friday, extending its positive start to October amid growing hopes for a historic trend of gains during the month.

The cryptocurrency has historically performed well in October, earning it the nickname 'uptober.'

Bitcoin's momentum and caution are both at play as markets grapple with rising interest rates and persistent U.S.-Iran tensions. The crypto has gained for 10 of the past 15 Octobers, with average gains of 27.4% and average declines of 13%, according to data.

Broader crypto prices also rose on Friday, but bigger gains were held back by caution ahead of closely watched U.S. nonfarm payrolls data due later in the day.

The Federal Reserve's interest rate hikes are a major consideration for adjusting rates, and any signs of payrolls strength give the Fed more headroom to raise rates, which bodes poorly for crypto markets.