Bitcoin climbed back above $86,000 as October trading opened, lifted by a bullish Citi price-target upgrade and signs the Federal Reserve may skip an October rate hike. Whale-sized stablecoin deposits on Binance also jumped, while traders now watch whether BTC can clear its recent swing high near $86,837.
Bitcoin jumped over 2.2% to trade around $86,150, with the broader crypto market gaining 1.9% as the month investors call "Uptober" got underway. The rally triggered a wave of liquidations — around 77,543 traders were liquidated in 24 hours, for $324.68 million in total losses.
Citi upgrade and ETF inflows drive the move
Citi raised its 12-month Bitcoin price target from $82,000 to $113,000, citing stronger crypto activity and renewed ETF demand. US spot Bitcoin ETFs followed with $102.7 million in net inflows on October 1, reversing the prior day's $148.7 million outflow. Bitcoin has closed higher in 10 of the past 13 Octobers, averaging an 18.71% gain, adding to the seasonal optimism.
Fed officials lean toward an October pause
Fed Vice Chair Philip Jefferson said in an Oct. 1 speech that policymakers may need more time before raising rates again. According to crypto.news: "My colleagues and I will need to come to our own judgment, which may take more time," Jefferson said. His remarks followed New York Fed President John Williams, whose comments pulled October rate hike odds down to around 44%. Lower odds of a rate hike can ease pressure on risk assets like Bitcoin, though the 10-year Treasury yield climbed above 5.34% on Oct. 1 before retreating toward 5.25%.
Whale stablecoin deposits to Binance climb 40%
Separately, whale stablecoin deposits above $1 million flowing into Binance reached a 30-day cumulative total of $30.5 billion, climbing more than 40% from $21.7 billion about a month earlier, according to CryptoQuant contributor Darkfost. Bitcoin traded near $84,700 at the time, up about 1.2% over 24 hours. The deposits signal more capital available for market exposure, but exchange flow data alone does not confirm that the funds went into Bitcoin purchases.
$86,837 marks the next test
Bitcoin now sits just below the swing high of $86,837.30. A sustained break above that level could open the way toward $87,000, then $95,000 and $100,000, while losing $85,000 could send price back toward $83,000.
Sources: Coinpedia Fintech News, crypto.news, crypto.news
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