Bitcoin Nears $87,400 as Golden Cross Forms Amid ETF Inflows

Bitcoin (BTC) hovered around $86,000 on October 5 after briefly approaching $87,400. Traders and analysts focused on a reported golden cross, where the 100-day exponential moving average (EMA) crossed above the 200-day EMA. This followed an earlier crossover involving the 50-day EMA. A golden cross occurs when a shorter-term average moves above a longer-term one, but it does not guarantee future price movements.

U.S. spot Bitcoin exchange-traded funds (ETFs) saw $189.9 million in net inflows on October 2. BlackRock’s fund led with $158.2 million, followed by Fidelity’s at $29.3 million, and Morgan Stanley’s with $2.4 million.

The U.S. labor market showed signs of cooling, with nonfarm payroll employment rising by just 29,000 in September and the unemployment rate holding at 4.2%. The Federal Reserve raised its benchmark interest rate by a quarter percentage point in September, setting the target range between 3.75% and 4%. The Fed’s minutes from its September 15-16 meeting are set for release on October 7, with its next policy meeting scheduled for October 27-28.