Why is Bitcoin price going up today?

cryptonews10-02 22:28

Bitcoin price has climbed roughly 3% and briefly crossed $87,000 on Oct. 2 as weak U.S. jobs data reinforced expectations for an October Federal Reserve pause while a wave of short liquidations added ...

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href=https://crypto.news/why-is-bitcoin-price-going-up-today-2/><strong>cryptonews</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bitcoin price has climbed roughly 3% and briefly crossed $87,000 on Oct. 2 as weak U.S. jobs data reinforced expectations for an October Federal Reserve pause while a wave of short liquidations added ...</p>\n\n<a href=\"https://crypto.news/why-is-bitcoin-price-going-up-today-2/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CBTL","symbol_name":"Calamos Laddered Bitcoin 80 Series Structured Alt Protection 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September payroll growth came in well below forecasts.\nThe weak jobs report strengthened expectations that the Federal Reserve could leave interest rates unchanged at its October meeting.\nBitcoin short liquidations topped $120 million over 24 hours as BTC moved through $85,000 and forced bearish traders out of leveraged positions.\nUS spot Bitcoin ETFs recently recorded $2.39 billion in weekly inflows, providing another source of demand as BTC recovered.\nBitcoin faces resistance around $87,500, while $90,000 is the next major psychological level if buyers push through the recent highs.\n\n\n\nAccording to CoinGecko data, Bitcoin traded around $86,300 at press time after reaching an intraday high above $87,000, recovering from levels below $84,000 earlier in the day. Trading volume rose as BTC returned to an area last tested during its September rally.\nThe move gathered pace after U.S. nonfarm payrolls rose by just 29,000 in September, far below the 90,000 jobs expected by economists. Unemployment rose to 4.2% from 4.1%, while August payroll growth was revised down to 133,000 from an initially reported 162,000.\nBitcoin had already started moving higher before the employment report, but the weaker reading gave traders another reason to expect the Fed to leave interest rates unchanged later this month. At the same time, the move through $85,000 forced bearish positions out of the market.\nWeak jobs data supports Bitcoin price\nThe latest employment numbers arrived after expectations for another October rate hike had already fallen.\nAs crypto.news previously reported, October rate hike odds had dropped to 23% on Polymarket by Oct. 1, compared with roughly 70% a week earlier. Federal Reserve Vice Chair Philip Jefferson said policymakers may need more time before making another change to rates.\nThe Fed raised its target range by 25 basis points to 3.75% to 4% in September.\nSeptember’s weaker payroll reading gives policymakers another labor market data point to consider before their Oct. 27 to Oct. 28 meeting. Bitcoin has faced pressure from higher borrowing costs in recent weeks, particularly as the 10 year Treasury yield climbed above 5%.\nThe effect was visible earlier this week when Bitcoin traded around $83,500 while the 10 year Treasury yield rose to around 5.20%. BTC had previously reached roughly $87,400 before giving back most of that move.\nShort liquidations push BTC toward $87,000\nPart of today’s rally has come from traders being forced out of bearish positions as Bitcoin moved through a cluster of sell orders around $85,000.\nBitcoin short liquidations topped $120 million over 24 hours as BTC approached $87,000, according to CoinGlass data cited in market reports. Futures open interest rose by roughly $2.3 billion during the move, showing that traders were putting new positions into the market while existing shorts were being closed.\nThe move through $85,000 was particularly important for positioning because the area had acted as a barrier during the previous pullback.\nBitcoin fell toward $83,000 on Sept. 29 after reaching around $87,400 earlier in the month. CoinGlass data at the time showed a concentration of liquidation exposure around $85,500.\nWhen Bitcoin moved back through that area on Oct. 2, traders betting on lower prices were forced to buy BTC to close leveraged positions. The resulting orders added to the buying already taking place in the market.\nDerivatives have played a sizable role in Bitcoin’s recent moves. A CryptoQuant Bull Score analysis showed that futures open interest rose during September’s rally even as apparent spot demand weakened by roughly 170,000 BTC over 30 days.\nBitcoin ETF demand remains in the background\nInstitutional buying through U.S. spot Bitcoin ETFs has remained another source of demand despite BTC’s recent swings.\nThe funds attracted $2.39 billion in one week between Sept. 21 and Sept. 25, recording net inflows during all five trading sessions.\nMonday brought in $999 million, followed by $714.7 million on Tuesday. Daily inflows then eased to $346.9 million, $190.7 million and $134.5 million over the following three sessions.\nBlackRock’s IBIT accounted for approximately $1.16 billion of the weekly total, while Fidelity’s FBTC received $701.6 million.\nFund demand has recovered considerably since the middle of the year. U.S. spot Bitcoin ETFs had recorded roughly $5.8 billion in net outflows for 2026 by July 13, before subsequent inflows pushed their year to date total back into positive territory by late September.\nBitfinex analysts cautioned on Sept. 30 that stronger spot demand would still be needed for another sustained advance, particularly as leverage declined and ETF inflows slowed from their strongest September sessions.\nBitcoin price faces another test near $87,500\nBitcoin’s return above $87,000 brings the cryptocurrency back to the same area that stopped its previous rally.\nLacie Zhang, research lead at Bitget Wallet, previously identified $87,500 as the main upside level to watch during October. Her projected monthly range placed Bitcoin between $78,000 and $95,000, depending on institutional demand, inflation and interest rate conditions.\nA move through $87,500 could open a path toward $95,000, Zhang said, while institutional purchases would need to absorb selling from long term holders and miners for the rally to continue.\nOn the downside, Zhang identified $82,000 as an important support level, with a liquidation area sitting between roughly $82,000 and $82,500. A sustained move below $80,000 would invalidate her bullish seasonal setup.\nBitcoin’s next U.S. macro test is scheduled for Oct. 14 with the release of September consumer inflation data, giving Fed officials another major economic reading before their October policy meeting.\n\n\n\n\n\n                Read more:\n            \n\n                US payrolls rise just 29,000 in September, can Bitcoin price rally?","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.50.1","shortVersion":"4.50.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2672104907","isCrawlerRequest":true}