Bitcoin Rebounds to $86,200 as Treasury Yields Pull Back and Short Liquidations Surge

The Bitcoin price rebounded to $86,200 in the last 24 hours, with a 2.9% gain. This move came after Treasury yields pulled back, giving risk assets some relief ahead of Friday's employment report. The September nonfarm payrolls report is expected to show the U.S. economy added 90,000 jobs, down from 162,000 in August, while the unemployment rate is expected to remain at 4.1%. Wage growth is expected to remain moderate at 3.2% year over year.

Coinglass data showed roughly $244 million in crypto short positions liquidated over the last 24 hours. This is a significant amount, but it's worth noting that it's not a new phenomenon. Bitcoin has historically posted some of its strongest quarterly gains in the fourth quarter (Q4), but the record is far from consistent.

Citi raised its 12-month Bitcoin target to $113,000 from $82,000 and lifted its Ethereum target to $3,028 from $2,240. The firm cited stronger crypto activity, improving macro conditions, and renewed ETF inflows as reasons for the target increase.