Bitcoin Holds Near $86,000 as Weak Jobs Data Eases Fed Rate Hike Fears
Bitcoin maintained its position near the $86,000 mark on Tuesday, supported by expectations of a more lenient US monetary policy. The cryptocurrency was trading at $86,027, with a 0.23% gain in the past 24 hours. Ethereum, however, saw a slight decline of 0.35%. Among major altcoins, BNB, XRP, Solana, and Dogecoin corrected by up to 1.30%, while Tron, Hyperliquid, and Cardano gained by up to 2.65%.
Vikram Subburaj, CEO of Giottus, attributed the positive sentiment to weak September jobs data, which reduced expectations of an October Federal Reserve rate hike. This shift has bolstered risk assets, including cryptocurrencies. However, Subburaj cautioned investors against chasing short-term rallies, advising a staggered approach until the macroeconomic outlook becomes clearer.
The global crypto market capitalization dropped by 0.18% to $2.92 trillion, according to Coinmarketcap. Minal Thukral, Executive VP-Growth & Crypto Business Head at CoinDCX, noted that Bitcoin faces significant bearish pressure, trading around $85,400. The fear and greed index rose slightly to 67, indicating persistent greedy market sentiment. Over the last week, Bitcoin gained 2.11%, while Ethereum fell 0.29%. Among altcoins, BNB, Tron, Hyperliquid, and Cardano saw gains of up to 9.34%, whereas XRP, Solana, and Dogecoin corrected by less than 1%.
Riya Sehgal, Research Analyst at Delta Exchange, observed that Bitcoin is holding a constructive structure but struggling to break out decisively. Price movements remain capped around the $86,500-$87,600 region, with the 2026 yearly open near $87,570 acting as a key ceiling. She noted elevated profit-taking on-chain but no clear signs of broader structural exhaustion. October seasonality provides mild support.