Bitcoin Surges Above $86K as 'Uptober' Momentum Builds

Bitcoin has continued its positive trend in October, rising to over $86,650 after a 3% increase on Friday. The cryptocurrency's recent gains have been fueled by strong September performance, with Bitcoin gaining 6.4% during the month and erasing much of its earlier decline.

The current advance marks the third consecutive monthly gain for Bitcoin, although it remains about 1% lower this year. Historical data suggests that October has often been a profitable month for Bitcoin, with the cryptocurrency rising in 10 out of the previous 15 Octobers and averaging a 27.4% gain during those months.

Bitcoin ETFs have also seen strong inflows, with US spot Bitcoin ETFs recording $2.65 billion in net inflows during September. This represents their second-largest monthly inflow since October 2025, according to SoSoValue data.

However, the market remains cautious ahead of Friday's US nonfarm payrolls report, which could impact interest rate expectations and broader geopolitical conditions. Higher borrowing costs and rising Treasury yields can make it tougher for risk assets like cryptocurrencies.