Bitcoin surged past $87,000 on Friday as a far weaker-than-expected US jobs report cooled fears of another Federal Reserve rate hike, sending risk assets higher. The rally — Bitcoin's third straight weekly gain — got extra fuel from heavy ETF buying and more than $120 million in short liquidations, while Citi raised its 12-month Bitcoin target to $113,000.
Why Bitcoin jumped today
US nonfarm payrolls grew by just 29,000 in September — far below the 90,000 economists expected — while unemployment ticked up to 4.2% and August's figures were revised down from 162,000 to 133,000. The weak report cut the market's odds of an October Fed rate hike from 64% to 18%, according to CME's FedWatch tool. Bitcoin tapped $87,229 on Bitstamp, its strongest level in eight months.
The breakout past $85,000 forced bearish traders out: $120 million in Bitcoin shorts were liquidated within 60 minutes, and $40 billion was added to the total crypto market cap over the same stretch.
ETF demand and the "Uptober" effect
US spot Bitcoin ETFs pulled in roughly $2.4 billion for the week, extending institutional demand that helped Bitcoin gain about 40% in Q3 — its biggest quarter since the end of 2024. The timing fits crypto's seasonal "Uptober" pattern: Bitcoin has posted gains in 10 of the last 15 Octobers. After trading below $65,000 in the summer, the coin has now recovered more than halfway from its $126,000 all-time high last October.
Citi raises target to $113,000
Citi boosted its 12-month Bitcoin target from $82,000 to $113,000, citing renewed concern that large government deficits could erode fiat currencies. Analysts note resistance near $87,400 — the threshold, per QCP Capital, to a run at $90,000.
The takeaway: with rate-hike fears fading, ETF money flowing, and seasonal history on its side, Bitcoin's recovery has real momentum — but $87,000 resistance will decide whether this is the start of a bigger leg up.
Watch: Bitcoin's October map — historical patterns and the path to $109,000
Sources: CoinDesk, Cointelegraph, Morningstar/WSJ, Moneyweb/Bloomberg