Bitcoin holds near $86.7k amid softer Fed rate outlook

Bitcoin traded steadily around $86,650 on Monday, October 5, edging up roughly 0.1% for the session. The premier cryptocurrency touched an intraday high of $86,710, holding firm above its daily trough of $86,200.

Digital assets continue to draw support from expectations that the Federal Reserve will adopt a looser monetary stance following recent softness in US labor market indicators. Bullish sentiment was further amplified by Citigroup, which upgraded its 12-month Bitcoin target to $113,000 from $82,000, pointing to heightened market participation and renewed capital inflows into crypto exchange-traded funds (ETFs).

N. Tebrizli