Bitcoin moved higher on Friday, extending its positive start to October as traders grew more optimistic that the cryptocurrency’s historically strong performance during the month could continue.
The world’s largest cryptocurrency gained around 3% to trade near $86,650 in early U.S. hours. Bitcoin was also up approximately 2.6% for the week, marking its third consecutive weekly gain.
Broader cryptocurrency markets also advanced. However, gains remained limited as investors waited for the closely watched U.S. nonfarm payrolls report due later in the day.
Bitcoin Enters October With Strong Momentum
Bitcoin began October on a positive note after delivering a strong performance in September.
The cryptocurrency rallied 6.4% during September, helping erase a large portion of its earlier year-to-date losses.
Bitcoin has historically performed well during October, leading crypto traders to nickname the month “Uptober.”
That seasonal trend is once again attracting attention as investors look for signs that Bitcoin could extend its recent recovery.
Bitcoin has also now recorded three consecutive months of gains, although it remains slightly lower for the year.
Bitcoin’s Historical October Performance
Bitcoin has posted gains in 10 of the past 15 Octobers.
During positive October periods, the cryptocurrency has recorded average gains of around 27.4%. In weaker years, average declines have been approximately 13%.
However, historical performance does not guarantee similar results in the future.
Bitcoin’s October 2025 performance eventually turned negative despite the cryptocurrency reaching a record high near the start of the month.
At the time, concerns surrounding U.S. tariff policy and growing uncertainty around artificial intelligence contributed to a broader shift away from risk assets, including cryptocurrencies.
Bitcoin Recovers From 2026 Lows
Pressure on the crypto market continued through much of 2026.
Bitcoin eventually fell as low as approximately $58,000 before staging a strong recovery during the following three months.
The cryptocurrency has now climbed back above $86,000, although investors remain cautious about whether the rebound can continue throughout October.
Higher interest rates and ongoing geopolitical tensions remain among the key risks facing crypto markets.
Nonfarm Payrolls Take Center Stage
Attention is now turning toward the latest U.S. nonfarm payrolls report.
The employment data could play an important role in shaping expectations for Federal Reserve interest-rate policy.
Concerns over additional rate increases have grown after the Fed raised rates in September and highlighted persistent inflation pressures.
Recent comments from Federal Reserve officials have also provided mixed signals. Some policymakers have indicated that additional tightening may be necessary, while others have suggested there is no immediate need for further rate increases.
Strong Jobs Data Could Pressure Crypto
Inflation and labor-market conditions remain two of the Federal Reserve’s most important considerations when setting monetary policy.
A stronger-than-expected payrolls report could give the central bank more flexibility to keep interest rates higher or raise them further.
That environment could create additional pressure for Bitcoin and other cryptocurrencies, as higher interest rates tend to reduce demand for riskier assets.
U.S. Treasury yields have also climbed sharply this week, adding another source of pressure for the crypto market.
Altcoins Move Higher Ahead of Jobs Report
Major altcoins also traded higher on Friday, although gains remained relatively modest.
Ether, the world’s second-largest cryptocurrency, rose around 0.4% to approximately $2,729.
XRP advanced about 0.9%, while Solana gained roughly 2.9%.
Cardano increased around 0.5%, while BNB moved approximately 0.9% higher.
Dogecoin also rose by about 0.5%.
Meanwhile, the TRUMP memecoin declined around 2.6%, reversing part of the sharp gains recorded in the previous session.
Crypto Markets Await the Next Catalyst
Bitcoin’s recovery above $86,000 has strengthened hopes that the traditional “Uptober” trend could once again support crypto prices.
However, the next major move may depend heavily on U.S. economic data and expectations surrounding Federal Reserve policy.
A strong jobs report could reinforce expectations for higher interest rates, while weaker labor-market data could ease some of the pressure on risk assets.
For now, Bitcoin continues to trade with positive momentum as investors watch whether the October rally can extend toward the $90,000 level.
