SINGAPORE – Bitcoin climbed above US$86,000 (S$110,000) on Oct 2, extending its rebound into a third straight week as investors returned to risk assets heading into October.
The original cryptocurrency climbed as much as 2.66 per cent before paring gains to trade around US$86,200 as of 10.30am in London.
Bitcoin has risen roughly 2 per cent this week as strong institutional flows into exchange traded funds boosted demand. The rise helped the asset conclude its biggest quarter since the end of 2024, gaining about 40 per cent in the three months through September.
Some traders have optimistically been calling a bottom for cryptocurrencies, which had been battered for much of 2026 since a sharp selloff in October 2025, after it hit an all-time high above US$126,000 that month. The token had at one point in 2026 more than halved from its high.
Bitcoin’s buoyancy comes after it emerged from recent macro trends relatively unscathed. The US Senate’s failure to advance a highly anticipated crypto regulation Bill and the Federal Reserve raising interest rates in mid-September did nothing to dent the cryptocurrency.
“Investors globally have observed this relative strength,” said Pratik Kala, head of research at Apollo Crypto. “Combined with record-low sentiment two months prior, the sentiment is dips are for buying.”
The early-October boost coincides with a traditional seasonal trend in crypto markets commonly referred to as “Uptober”. Bitcoin has posted gains in 10 of the last 15 Octobers. The 7 per cent drop in 2025, while not the asset’s worst October, was a particularly disappointing reversal after hitting a record price.
The move higher also comes ahead of next week’s Token2049 in Singapore, when industry leaders and executives will converge in the city-state amid a more upbeat mood than would have been expected in August.
Investors are now focused on the US jobs report on Oct 2, which economists estimate will show nonfarm payrolls rising roughly 90,000 in September after climbing 162,000 the previous month for its biggest jump since March.
European stock indexes were up by around 1 per cent in early trading on Oct 2, while US stock index futures rose about 0.5 per cent. BLOOMBERG
