Bitcoin surged above $87,000 to about $87,220 before reversing below $84,000, with the move triggering nearly $600 million in crypto liquidations, mostly from long positions. Earlier market data showed Bitcoin down 1.7% over 24 hours to about $84,575, with daily trading volume near $37.3 billion, a market value of about $1.7 trillion and a seven-day gain of 0.8% on Oct. 3. Ali Martinez said whales sold more than 30,000 BTC near the rally's peak and identified $82,500 as the lower boundary of a channel that has repeatedly rejected Bitcoin above $87,000. Glassnode also reported selling by investors who accumulated near $97,000 one to two years ago and around $89,000 six to 12 months ago. Bitcoin remained near the $84,012 Fibonacci support level, with liquidation clusters around $83,500 and $87,700 and the $87,400 area acting as resistance. Separately, the SEC proposed allowing investment advisers and funds to directly hold certain digital assets when qualified third-party custody is unavailable, subject to safeguards and a 60-day public comment period. Bitget resumed withdrawals for Bitcoin, Ether and USDT after an unauthorized transfer breach involving $387.5 million, while Chainlink introduced a framework.