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Bitcoin rose above $86,000 on Friday, marking its third consecutive week of gains as investors return to risk assets in early October, Bloomberg reports.
The leading cryptocurrency gained as much as 2.66% at one point before paring some of those gains; by 10:30 a.m. London time, it was trading around $86,200. Bitcoin appreciated by approximately 2% over the week, driven by a strong influx of institutional capital into ETFs. This rally allowed the asset to close out its best quarter since late 2024, having gained about 40% between July and September.
Some traders are expressing optimism that the cryptocurrency market has bottomed out. The market had been under pressure for much of 2026 following a sharp sell-off last October, when Bitcoin hit an all-time high above $126,000. At one point this year, the coin had lost more than half its value from its peak.
Bitcoin weathered recent macroeconomic events relatively unscathed. Its price remained unaffected by the US Senate's failure to advance a long-awaited cryptocurrency regulation bill or the Federal Reserve's mid-September rate hike.
"Investors globally have noticed this relative strength," said Pratik Kala, Head of Research at Apollo Crypto. "Combined with the record-low sentiment seen two months ago, this is creating a 'buy-the-dip' mentality."
The early October rally aligns with a traditional seasonal trend in the cryptocurrency market known as "Uptober." Bitcoin has risen in 10 of the last 15 Octobers, though it fell 7% last year. It wasn't the worst October in its history, but it was a particularly disappointing turnaround following a record price.
The rally also comes ahead of the Token2049 conference, taking place in Singapore next week. Industry leaders will gather there in a more positive mood than might have been expected two months ago.
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