Bitcoin slips from $87,000 as yields rise and CFTC opens crypto rulemaking

  • Bitcoin retreated after twice failing to sustain moves toward $87,000 amid rising Treasury yields and short-term technical reversal risks.
  • More than $109 million in leveraged bitcoin positions were liquidated, including $62 million in shorts and $47 million in longs, while market capitalization held near $1.71 trillion.
  • The CFTC opened a 60-day public-comment period on crypto-asset rulemaking, while Martinez maintained bullish longer-term targets for Bitcoin, Ethereum and Solana.

Bitcoin retreated after reaching an intraday high of $86,969 near $87,000 on Oct. 5, trading just above $85,200 by 1:05 p.m. EST as rising Treasury yields, technical sell signals and repeated resistance weighed on sentiment. More than $109 million in leveraged bitcoin positions were liquidated, including $62 million in shorts and $47 million in longs, while bitcoin’s market capitalization held near $1.71 trillion. Longer term, Ali Martinez retained bullish targets of $190,000 for Bitcoin, $8,800 for Ethereum and $2,750 for Solana, while the CFTC opened a 60-day public-comment period on proposed crypto-asset rulemaking after Congress failed to pass the CLARITY Act.

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