Bitcoin has extended its recent recovery, briefly moving close to the $87,000 mark earlier in the day as the world’s largest cryptocurrency continues to trade higher. Bitcoin was trading at $85,900, up by 1.91 per cent in the last 24 hours and up 3.62 per cent over the past week at the time of writing. It had touched $86,971 earlier in the day before giving up some of its gains. US spot Bitcoin exchange-traded funds (ETFs) recorded net inflows of around $30 million on October 2, 2026, indicating continued investor demand for Bitcoin-linked investment products.
Why Is Bitcoin Rising
Bitcoin’s move above $86,000 has come amid several developments in the broader financial and crypto markets. Vikram Subburaj, CEO of Giottus.com, highlighted the factors behind the latest move. He said, “US spot Bitcoin ETFs received $2.40 billion in the week ended September 25, 2026. This was the strongest weekly inflow in nearly a year. This demand helped absorb the supply that had repeatedly halted the recovery.” He added that ETF flows built the recovery, while the employment report gave buyers greater confidence and short-covering accelerated the breakout.
Can Bitcoin Sustain The Rally?
Rajagopal Menon, vice president, WazirX said whether Bitcoin can sustain its gains will depend on several factors – namely, institutional flows, Federal Reserve policy, and key technical levels. He said, “The immediate test is at $87,000-$87,500, with a break above this range potentially opening the way towards $88,000 and $90,000 before the year-end.” He added that the rally is not guaranteed, and a sustained move below the $81,700-82,800 support zone will potentially push Bitcoin towards $74,000-78,000.
Subburaj said a move towards $100,000 remains plausible, but would depend on continued ETF inflows, healthy spot-market volumes, and no renewed rise in US rate expectations.
Other Major Cryptocurrencies
The gains were not limited to Bitcoin only. Other major cryptocurrencies were also trading higher. Ethereum was trading at $2,726, up 1.25 per cent in the last 24 hours and 2.69 per cent over the week, according to date from coinmarketcap. BNB was trading at around $789, up 0.56 per cent in the last 24 hours and 2.32 per cent over the week. XRP was trading at around $1.50, up by 0.89 per cent in the 24 hours and 1.51 per cent over the week. The broader gains show that the recent recovery has extended across several major cryptocurrencies.
