Bitcoin crossed back above $86,000 on the morning of Oct. 2, gaining 3.67% over 24 hours as demand for US spot bitcoin ETFs returned to positive territory. US spot bitcoin ETFs recorded net inflows of $102.7 million on Oct. 1, reversing the outflows from the previous session. Short liquidations accounted for 91.13% of the $135.47 million in liquidated bitcoin futures positions, with forced short covering amplifying the upward move. ISM manufacturing prices index jumped to 77.9 in September while core PCE inflation held at 3.0% year over year, keeping pressure on the Federal Reserve. September’s US jobs report, released on Oct. 2 at 12:30 UTC, will be the next test of whether bitcoin can hold the $86,000 level.
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