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Bitcoin Holds Near $86,000 as Weak Jobs Data Dims Fed Hike Bets

Bitcoin Holds Near $86,000 as Weak Jobs Data Dims Fed Hike Bets

Bitcoin gains support from institutional buying as investors assess whether the recovery can extend higher.

Written by Rahul Dhingra, Edited by Rohan Pal | Updated: 6 October 2026 12:04 IST

Bitcoin Holds Near $86,000 as Weak Jobs Data Dims Fed Hike Bets

Photo Credit: Unsplash/Kanchanara

Crypto markets gain as investors reassess monetary policy expectations

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Highlights

Strive buys 2,000 BTC while Strategy adds 334 BTC
October Fed hike probability falls to 24 percent
Bitcoin faces resistance between $87,000 and $88,000

Bitcoin traded near Rs. 82.6 lakh on Tuesday as the cryptocurrency market remained supported by expectations of easier US monetary policy following weak September jobs data, while institutional buying provided further support. Ethereum (ETH) was trading near Rs. 2.6 lakh, while major altcoins showed mixed momentum. Market participants said continued purchases by large Bitcoin holders and reduced expectations of an October Federal Reserve rate hike are helping sustain the recovery. However, elevated Treasury yields and mixed ETF flows could limit further gains. According to CoinGecko data, Bitcoin traded near $85,600 (roughly Rs. 82.5 lakh), and Ethereum was trading near $2,700 (roughly Rs. 2.6 lakh).

The world's largest cryptocurrency rose 3.4 percent in the last 24 hours, according to the Gadgets 360 price tracker. Analysts said Bitcoin's recent move towards $87,000 has been supported by large-holder purchases and weaker US jobs data, which has reduced expectations of an October Fed rate hike to around 24 percent. However, the 10-year Treasury yield remains elevated at around 5.33-5.34 percent.

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Major Altcoins Trade With Mixed Momentum on Tuesday

Binance Coin (BNB) was priced around $782 (roughly Rs. 75,400), while Solana (SOL) traded near $120 (roughly Rs. 11,500). XRP hovered around $1.51 (roughly Rs. 145), while Dogecoin (DOGE) was trading close to $0.094 (roughly Rs. 8.6).

Large-Holder Buying Supports Bitcoin Recovery

Highlighting continued buying from large holders and the impact of weaker jobs data on rate expectations, the CoinSwitch Markets Desk said, “Bitcoin is showing resilience around $85,000-$86,000 (roughly Rs. 81.9 lakh-Rs. 82.9 lakh), with institutional buying providing a strong counterweight to higher Treasury yields. Strive's 2,000 BTC purchase and Strategy's addition of 334 BTC underline continued conviction from large holders, while September payrolls rising by only 29,000 keeps the possibility of a softer Fed stance in play. The 10-year yield at 5.33 percent-5.34 percent and a 24 percent probability of an October hike show that inflation remains a constraint.”

Commenting on Bitcoin's recovery and the impact of changing US monetary policy expectations, Vikram Subburaj, CEO, Giottus.com, said, “The market could remain volatile as investors assess inflation, Treasury yields and oil prices. The next major catalyst is US CPI on October 14, followed by the Fed meeting on October 27-28. Investors should avoid chasing short-term rallies. A staggered approach and measured position sizes are preferable until the macro outlook becomes clearer.”

Pointing to Bitcoin's current consolidation and key technical levels, Nischal Shetty, Founder, WazirX, said, “Derivatives data shows a reduction in leverage, with $61.91 million (roughly Rs. 60 crore) in liquidations over 24 hours, largely driven by long positions [...] Gains in the Nasdaq and S&P 500 offer a supportive backdrop, although a rising VIX and elevated oil prices warrant caution. Markets will closely watch volatility, inflation expectations and monetary policy signals for the next directional move across Bitcoin and the wider digital asset market.”

Overall, analysts said Bitcoin's $84,000-$85,000 (roughly Rs. 80.9 lakh-Rs. 81.9 lakh) support zone remains important, while a sustained move above $87,000 (roughly Rs. 83.8 lakh) could strengthen the case for further gains. Investors are also watching US CPI on October 14 and the Fed meeting on October 27-28 for clearer signals on the market's next direction.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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Further reading: Crypto markets, Crypto Prices, Bitcoin, Ethereum

Rahul Dhingra

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Rahul Dhingra is a crypto writer at Gadgets 360, where he covers the exciting world of Cryptocurrency, Blockchain, Defi and Web3. Before joining Gadgets 360, he worked as a content specialist for a European-based Crypto Exchange. Rahul loves storytelling, not just through the written word but also through the visual medium. Beyond his professional life, Rahul is a sports fanatic. Whether it’s cricket or football, his passion for the game is contagious. More