Bitcoin climbed to $86,459 on Friday, up 2.9% in 24 hours and its highest level since January, as crypto markets rallied ahead of the delayed US September jobs report.
Ethereum also advanced, rising 0.8% to $2,747 and breaking above the $2,600 range it had held since late September.
The rally was driven by a mix of factors: traders covering short positions, falling US Treasury yields, and a fresh $113,000 year-end price target for bitcoin from Citigroup.
Friday’s move pushed bitcoin above $86,000 for only the second time in roughly two weeks, after the cryptocurrency spent much of 2026 struggling to reclaim levels last seen at the start of the year.
Despite the price gains, retail sentiment stayed cautious. Stocktwits data showed investor mood in “bearish” territory with “low” chatter around bitcoin even as prices rose.
Analysts caution that a single rally is not confirmation of a new bull run. Crossing $85,000 “restores a price zone that had effectively remained out of reach through much of 2026,” but whether it holds depends on the next several daily closes.
Markets are now watching the September jobs report for the next major catalyst, with traders betting that weaker labour data could support further gains for risk assets including crypto.
