Bitcoin holds near $86,000 as weak US jobs data lowers October Fed rate hike expectations

Bitcoin traded around the $86,000 mark on Tuesday as the crypto market is supported by expectations of easing US monetary policy. The cryptocurrency was trading at $86,027.

In the past 24 hours, Bitcoin has gone up 0.23% and Ethereum was down 0.35%. Among the major altcoins, BNB, XRP, Solana, Dogecoin corrected by up to 1.30% whereas Tron, Hyperliquid, and Cardano gained by up to 2.65%

Vikram Subburaj, CEO, Giottus, said weak September jobs data sharply reduced expectations of an October Fed rate hike which has improved sentiment towards risk assets, including crypto. However, ETF flows have become more mixed after the strong inflows seen in late September.


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Subburaj further said investors should avoid chasing short-term rallies. A staggered approach and measured position sizes are preferable until the macro outlook becomes clearer.

The global crypto market capitalisation was down by 0.18% to $2.92 trillion, according to the data on Coinmarket cap.

Minal Thukral, Executive VP-Growth & Crypto Business Head at CoinDCX said after a significant rally, Bitcoin faces a considerable bearish pressure and is trading around $85,400 and the fear and greed index has slightly risen to 67, while the market sentiments are still greedy.

Over the last week, Bitcoin was up 2.11% and Ethereum was down 0.29%. Among the major altcoins, BNB, Tron, Hyperliquid, and Cardano gained by up to 9.34% whereas XRP, Solana, Dogecoin corrected by less than 1%.

Riya Sehgal, Research Analyst, Delta Exchange said Bitcoin continues to hold a constructive structure, but the market is struggling to convert that strength into a decisive breakout. Price remains capped around the 86.5K-87.6K region, with the 2026 yearly open near $87,570 forming an important ceiling.

Sehgal further said that profit-taking remains elevated on-chain, but there are no clear signs of broader structural exhaustion. October seasonality also provides a mildly supportive backdrop.

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Market perspective

Prateek Gupta, Head of Business, Mudrex: Bitcoin is consolidating around $85,600-86,000 after its strongest weekly close in eight months, but remains below its 2026 opening level near $87,570 as the dollar reached an 18-month high and the 10-year Treasury yield held near 5.25%. Markets now expect an October 28 Fed pause after weak US jobs data. FOMC minutes on Wednesday and October 14 CPI will be key tests.

CoinSwitch Markets Desk: BTC traded around 85K-86K after briefly approaching $87K, as rising U.S. bond yields weighed on sentiment despite support from weak employment data. Institutional accumulation continued, with Strive buying 2,000 BTC and Strategy adding 334 BTC. A sustained break above $87K is necessary to signal further upside.

Nischal Shetty, Founder, WazirX: The crypto market is showing signs of consolidation, with Bitcoin trading around $85,514 and leading altcoins recording mild short-term declines despite remaining positive over the broader period shown.

Avinash Shekhar, Co-Founder & CEO, Pi42: Bitcoin is consolidating near the 85,500-86,000 range after another attempt to move above $87,000. The broader momentum remains constructive, although rising US bond yields are keeping some pressure on the market. Holding above the $85,000 level will be important for maintaining near-term strength.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)