UPDATE: Bitcoin briefly hits $87,000 as weak US jobs data drops bond yields
CIE News ·
Bitcoin briefly touched $87,000 following softer US employment data and falling Treasury yields, though technical resistance and mixed spot ETF flows capped further gains.
As previously reported, Bitcoin (BTC) was extending its rally toward the $87,000 mark. According to Cointelegraph, the climb to a peak of nearly $87,000 was catalyzed by softer-than-expected US nonfarm payrolls figures that sent Treasury yields lower, though technical resistance subsequently capped the advance.
CryptoSlate reported that BTC traded at $86,325.44 on October 2, up 3.67% over 24 hours, with short covering helping accelerate the overnight rise. Derivatives data tracked by CoinGlass showed roughly $135.47 million in liquidated futures positions over 24 hours, with CoinNess estimating that over 91% involved short contracts.
Spot market demand also rebounded, with US spot Bitcoin ETFs recording $102.7 million in net inflows on October 1, according to Farside Investors data cited by CryptoSlate. While BlackRock's IBIT attracted fresh capital, redemptions at Fidelity's FBTC and other funds highlighted continued institutional selectivity following recent US inflation readings.