Bitcoin rises to $86.5k with ‘uptober’ hopes, nonfarm payrolls in focus

Bitcoin rose to $86,650.4 on Friday, marking a 3% increase from the previous day. This gain extended the cryptocurrency's positive trend that began in September, earning it the nickname "uptober" among traders. The world's largest crypto also showcased three consecutive months of gains, trading down around 1% year-to-date. Bitcoin has historically performed well in October, with a record high near the beginning of the month.

However, recent events have caused caution, with markets anticipating closely watched U.S. nonfarm payrolls data and concerns over rising interest rates and the ongoing U.S.-Iran tensions. Broader crypto prices also saw an increase, but gains were tempered by uncertainty surrounding the upcoming nonfarm payrolls data, which could impact the Federal Reserve's decision on interest rates.