Bitcoin Price $82,991: The Oil Price Sets the Pace

The bitcoin price stands at $82,991 on Friday afternoon, 3.2 percent above the low of $80,427 the market saw on Thursday. The trigger was not a headline from the crypto industry but one from the oil market: on October 8, Donald Trump declared on Truth Social that the United States would not attack Iran before the midterm elections on November 3. Brent eased in response and traded 0.7 percent lower at $103.53 a barrel in early Friday dealings.

Bitcoin price today: $82,991 after the low at $80,427

The figures as of the afternoon of October 9, on CoinGecko data: bitcoin trades at $82,991, a gain of 0.59 percent within 24 hours. The daily high was $83,398, the daily low $80,427. Market capitalisation comes to around $1.67 trillion.

That spread of almost $3,000 between a single day's high and low is the real finding. The spread shows a market processing the news flow in jumps rather than in order. Anyone who left a sell order resting with a limit just under $81,000 last evening was filled. Anyone selling the same position at midday today would receive roughly $2,500 more per bitcoin.

That leaves the price 34 percent short of the record high of about $126,200. It sits around 43 percent above the year's low of just under $58,000 in early July. Bitcoin is therefore neither at the floor nor close to its best mark, but roughly in the middle of the range this year has opened up.