Bitcoin Surges to $86,200 Ahead of Employment Report

The Bitcoin price surged to around $86,200 over the last 24 hours, marking a 2.9% increase from its previous value. This rally comes ahead of Friday's employment report, with Treasury yields pulling back and providing some relief for risk assets.

According to Coinglass data, approximately $244 million in crypto short positions were liquidated over the last day. The move was also fueled by a fresh $113,000 Bitcoin target from Citigroup, which raised its price forecast from $82,000.

Large-cap crypto-linked stocks such as Michael Saylor-backed Strategy (MSTR), Coinbase (COIN), and USDC stablecoin issuer Circle (CRCL) saw gains of around 3%, 2.88%, and 2.39% respectively in pre-market trading.