Bitcoin, Ethereum, Dogecoin Spike As Market Stays Upbeat After Better-Than-Expected Jobs Report: Analyst Says Every Bull Run Started In October — Will 2024 Follow The Trend? – Grayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided beneficial interest (ARCA:BTC)

Leading cryptocurrencies rallied Sunday overnight as investors remained optimistic following a healthy employment report.

What Happened: Bitcoin steadily inched upward throughout the day, before a sharp breakout to nearly $64,000 late evening. The world’s largest cryptocurrency attempted to recover from last week’s losses, exacerbated by geopolitical tensions.  

The late-hour surge also saw Ethereum spike to $2,490, up from a loss of more than 5% the previous week.

Total cryptocurrency liquidations hit nearly $112 million in the last 24 hours, with downside bets getting the most affected.

Bitcoin’s Open Interest soared 5.83% in the last 24 hours, indicating a sharp surge in speculative interest for the leading cryptocurrency. 

The Cryptocurrency Fear & Greed entered the “Neutral” zone after languishing in “Fear” last week.

Top Gainers (24-Hours)

The global cryptocurrency stood at $2.2 trillion, following an increase of 2.35% in the last 24 hours.

Stock futures were little changed overnight. The Dow Jones Industrial Average Futures fell 6 points, or 0.01%, as of 8:50 p.m. EDT.  Futures tied to the S&P 500 were down 0.06%, while Nasdaq 100 Futures lost 0.1%.

Major averages ended last week on a high after healthy labor market signs emerged from the September jobs report released Friday. Nonfarm payrolls rose from 159,000 in August to 254,000 in September, bettering economists’ forecasts.

This week, investors would watch for the minutes of FOMC from September’s policy meeting, due for release on Wednesday, and the Consumer Price Index data, slated for Thursday.

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Analyst Notes: Widely-followed cryptocurrency analyst Kyle Chassé attributed Bitcoin’s latest rally to whale demand, noting a sharp surge in accumulation by wealthy investors.

“This is proof of demand. We know the supply is starting to dwindle. This is how it starts,” the analyst stated.

Another noted cryptocurrency researcher, 0xNobler, drew attention to the historical tendency of a Bitcoin bull run in October.

“The next target for $BTC is ~$260,000 and many altcoins will follow the lead. Every $100 today = $10,000 in Q1 2025,” the analyst predicted.

Photo by CMP_NZ on Shutterstock

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