Bitcoin Holds Near USD 85,600 Amid Treasury Yields and Fed Uncertainty
Bitcoin held steady near USD 85,630 on Tuesday, marking a slight 0.6% drop over 24 hours. The cryptocurrency had briefly approached USD 87,000 earlier in the week before sellers trimmed those gains. Weak September payrolls reduced the likelihood of a Federal Reserve rate hike in October, but Treasury yields hovering near 5.3% continued to restrain risk appetite.
Among the top 12 cryptocurrencies, Figure Heloc and Hyperliquid led with gains of 3.3% and 3.2%, respectively. Meanwhile, BNB lagged with a 1.4% decline. Market participants are closely watching key economic events, including the Consumer Price Index (CPI) report on October 14 and the Federal Reserve meeting on October 28, which could introduce fresh volatility.
Analysts from Mudrex noted that whales were accumulating Bitcoin as markets anticipate a potential Fed pause. Resistance levels were identified at USD 87,000, with support near USD 83,000. CoinSwitch highlighted that the 10-year Treasury yield climbing near 5.33% was weighing on risk appetite, while Delta Exchange reported significant inflows into spot Bitcoin ETFs, totaling USD 241 million last week.
Additional developments included FinCEN withdrawing proposed rules on unhosted wallet transfers, providing a sentiment boost to privacy-focused assets like Zcash. The CFTC outlined new crypto rules, treating Bitcoin and Ethereum as commodities, which could widen institutional access to regulated derivatives. Hyperliquid unlocked 3.75 million HYPE tokens worth about USD 340 million, drawing attention to potential supply impacts.