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Bitcoin rose on Friday, continuing a positive start to October amid growing hopes that the historical pattern of gains this month will repeat in favor of the cryptocurrency.
The worldโs largest cryptocurrency rose by 3% to reach $86,650.40 by 08:01 AM Saudi time, recording a 2.6% gain over the weekโ the third consecutive week of gains.
Other cryptocurrencies also rose more broadly, though the biggest gains faded due to prevailing caution ahead of the anticipated release of the U.S. non-farm payroll data later today.
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Bitcoin enters "Bullish October" with momentum and caution
Bitcoin kicked off October on a positive note, continuing its gains after a strong performance in September, when the cryptocurrency was able to recoup a large portion of its losses since the start of the year.
Cryptocurrencies historically tend to perform well in Octoberโa pattern that crypto traders call "Bullish October." Markets are now optimistic about further gains after a 6.4% rise in September.
The worldโs largest cryptocurrency had been posting gains for three straight months, and was trading down about 1% since the start of the year.
Bitcoin posted gains in 10 of the past 15 October months, with an average gain of 27.4% and an average decline of 13%.
Bitcoinโs performance in October 2025 turned negative despite the cryptocurrency hitting a record high near the start of the month, as a mix of threats of U.S. tariffs and concerns over artificial intelligence sparked a broad shift away from cryptocurrencies.
This shift persisted throughout most of 2026, driving Bitcoin down to a level of $58,000.00 before the cryptocurrency regained momentum over the past three months.
The open question is whether the cryptocurrency can continue this rebound in October, especially as markets digest more conservative indicators that include higher interest rates and ongoing tensions between the U.S. and Iran.
Cryptocurrency prices today: Altcoins rise as job data is awaited
Cryptocurrency prices rose more broadly on Friday, although gains cooled as traders awaited key U.S. non-farm payroll data.
This report is published later on Friday amid rising concerns about further interest rate hikes by the Federal Reserveโespecially after the central bank raised rates earlier in September and warned that inflation pressures would persist.
Conflicting comments from Federal Reserve officials emerged overnight, as some called for further interest rate hikes, while others felt there was no immediate need for additional tightening.
Inflation and the labor market are among the key considerations the Federal Reserve weighs when adjusting interest rates. Any signs of strength in job data give the Federal Reserve more room to raise rates, a scenario that is not good news for crypto markets.
U.S. Treasury yields jumped this week, adding further pressure on cryptocurrencies.
Ether, the worldโs second-largest cryptocurrency, rose 0.4% to $2,728.87, while XRP added 0.9%.
Solana jumped 2.9%, while Cardano rose 0.5%, and BNB strengthened 0.9%.
As for meme coins, $TRUMP fell 2.6%, retreating from sharp gains made in the previous session, after the company behind the coin promised a new dinner with U.S. President Donald Trump for the largest holders of the meme coin.$NVDAB
