Bitcoin surged to an intraday peak of $86,969 on Monday before sharply reversing, settling near $85,722 as of 20:00 UTC. The move wiped out over $109 million in leveraged positions within 24 hours—$62 million in shorts, $47 million in longs, according to Coinglass data.
The rejection was swift. Bitcoin tumbled from $86,615 to $85,503 in less than 20 minutes. It tried twice more to breach $87,000 and failed both times. The broader crypto market saw $122 million in short liquidations and $116 million in long liquidations over the same period.
The price action challenges the "Uptober" narrative. Bitcoin closed September at $83,560. After climbing $3,400 intraday, it couldn't hold the momentum—a signal that buyers aren't yet committed at these levels.
The Commodity Futures Trading Commission announced Oct. 5 it is seeking public comment on new crypto asset rules, opening a 60-day comment period. This follows Congress's failure to pass the CLARITY Act. CFTC Chairman Michael S. Selig said the move "is a critical step in the CFTC's ongoing efforts to ensure America remains the crypto capital of the world." The agency will use public feedback to inform future rulemaking. For holders, regulatory clarity is a structural tailwind—assuming the rules don't restrict trading or asset custody.
