Bitcoin Stabilizes Above $86,000 as Institutional Demand and Rate-Hike Bets Shift

Bitcoin's price held steady above $86,000 on Monday, buoyed by continued institutional demand and reduced expectations for a Federal Reserve interest rate hike in October.

Spot Bitcoin exchange-traded funds (ETFs) recorded their third consecutive week of positive inflows, with $241.09 million flowing in last week, according to SoSoValue data.

This trend of strong demand for Bitcoin could continue to support the cryptocurrency's price, potentially extending its current rally.

The reduced expectations for a rate hike in October followed a weaker-than-expected US employment report, which showed nonfarm payrolls increased by 29,000 in September, below market expectations of 90,000 jobs.

The probability of a Federal Reserve interest rate hike at the October meeting fell to 18.3% on Monday, down from around 70% a week earlier, according to the CME FedWatch Tool.