Bitcoin Near $86,000 as Weak US Jobs Data Eases Rate Hike Fears

Bitcoin held steady near $86,000 on Tuesday, supported by expectations of a softer U.S. monetary policy following weak September jobs data. The cryptocurrency was trading at $86,027, up 0.23% in the past 24 hours, while Ethereum dipped 0.35%. Among major altcoins, BNB, XRP, Solana, and Dogecoin saw corrections of up to 1.30%, whereas Tron, Hyperliquid, and Cardano gained up to 2.65%.

Vikram Subburaj, CEO of Giottus, noted that the weak jobs report sharply reduced expectations of an October Federal Reserve rate hike, boosting sentiment for risk assets like crypto. However, he cautioned investors against chasing short-term rallies, recommending a staggered approach until the macroeconomic outlook clears.

The global crypto market capitalization fell 0.18% to $2.92 trillion, according to Coinmarketcap. Minal Thukral, Executive VP at CoinDCX, observed that Bitcoin faced bearish pressure around $85,400, with the fear and greed index rising slightly to 67, indicating persistent greedy market sentiment. Over the past week, Bitcoin gained 2.11%, while Ethereum dropped 0.29%.

Riya Sehgal, Research Analyst at Delta Exchange, highlighted that Bitcoin maintained a constructive structure but struggled to break out decisively, with price capped around $86,500, $87,600. October seasonality provided mild support, though profit-taking remained elevated. Prateek Gupta of Mudrex added that Bitcoin was consolidating near $85,600, $86,000, with the dollar at an 18-month high and the 10-year Treasury yield near 5.25%.