Coinglass data showed roughly $244 million in crypto short positions liquidated over the last 24 hours.
- The move came after Treasury yields pulled back, giving risk assets some relief ahead of Friday’s employment report.
- Michael Saylor-backed Strategy also saw its price target raised by Citi from $ 136 to $ 240, while maintaining a ‘Buy’ rating.
- The September jobs report is the immediate macro test for Bitcoin.
Bitcoin (BTC) and the broader cryptocurrency market rose on Friday ahead of the U.S. jobs report, lifting large-cap crypto-linked stocks. A wave of short liquidations, easing Treasury yields and a fresh $113,000 Bitcoin target from Citigroup added to the rally’s momentum.
Bitcoin’s price climbed 2.9% in the last 24 hours to around $86,200. On Stocktwits, retail sentiment around the apex cryptocurrency continued to trend in ‘bearish’ territory over the past day, accompanied by ‘low’ levels of chatter.
Solana (SOL) and Ripple’s XRP (XRP) outpaced Bitcoin with gains of over 3% each in the last 24 hours. Leading altcoin Ethereum (ETH) rose around 2.2%, recuperating to over $2,700.
Coinglass data showed roughly $244 million in crypto short positions liquidated over the last 24 hours. The 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.
Crypto Rally Lifts MSTR, COIN, BMNR Stocks
Michael Saylor-backed Strategy (MSTR) led gains among large-cap crypto-linked equities after Citi doubled its price target to $240, from $136, and kept a ‘Buy’ rating on the stock. MSTR stock rose around 3% in pre-market trade, with retail sentiment around the shares on Stocktwits trending in ‘neutral’ territory.
Coinbase (COIN) rose around 2.88% in pre-market trading, while USDC stablecoin issuer Circle (CRCL) gained 2.39%. Shares of Tom Lee-backed Bitmine Immersion Technologies (BMNR), the largest corporate Ethereum treasury, gained around 2.83%.
Bitcoin Rebound Gets Help From Short Covering
The latest move follows a strong September for Bitcoin, which gained more than 6% during the month after recovering from a mid-September selloff.
The rebound also comes after a powerful quarter for crypto. Bitcoin gained more than 40% in the third quarter, while U.S. spot Bitcoin ETFs attracted roughly $6.34 billion of net inflows, reversing about $5 billion of second-quarter outflows, as per data from SoSoValue.
However, ETF demand showed some signs of cooling at the end of September. U.S. spot Bitcoin ETFs recorded $148.7 million of net outflows on Wednesday, snapping a nine-day streak that had brought in more than $3 billion, followed by inflows of around $102 million on Thursday.
Bitcoin’s Q4 Setup Is Mixed
Bitcoin has historically posted some of its strongest quarterly gains in the fourth quarter (Q4), but the record is far from consistent. Of the 12 completed fourth quarters from 2014 through 2025, Bitcoin’s broader crypto market benchmark finished higher in seven and lower in five.
The median Q4 gain was about 11%, with the largest gains concentrated in a handful of bull-market years. That leaves the current rally facing two immediate tests – whether renewed ETF demand can continue and whether Friday’s jobs data changes expectations for interest rates.
How Are Retail Traders Feeling About Bitcoin?
Retail traders on Stocktwits were leaning into the “Uptober” narrative, saying Bitcoin’s Q4 rally is living up to its reputation.
View this Stocktwits post
View this Stocktwits post
Falling Yields, New SEC Rules Add To Crypto Catalyst List
Treasury yields kept Bitcoin trading in roughly the $82,000 to $85,000 range during much of the week, as the 10-year Treasury yield reached multi-decade highs. The recent pullback in yields has given risk assets more room to recover.
Meanwhile, the U.S. Dollar Index (DXY) briefly rose above 102 on Thursday, reaching an 18-month high. A stronger dollar typically puts pressure on risk assets. However, the euro has fallen to around $1.12, its lowest level since May 2025.
Regulation is providing another potential catalyst for institutional adoption. The Securities and Exchange Commission (SEC) proposed new rules Thursday that would create a tailored framework for crypto custody by registered investment advisers and regulated funds.
The proposal would give advisers and funds a clearer path for holding crypto assets and expand the range of custody arrangements available under federal securities laws. SEC Chairman Paul Atkins said the proposal would replace the “grey of uncertainty” created by older custody rules.
Citi Raises Bitcoin Target To $113K
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, while also pointing to a weaker dollar and Treasury buybacks as potential sources of support for digital assets. Citi expects roughly $5 billion of additional crypto ETF inflows over the next year.
Its latest target remains below Bitcoin’s record above $126,000 from October 2025, but represents roughly 35% upside from Bitcoin’s current level.
Read also: Micron CEO Says ‘We Cannot Fulfill The Demand’ As Supply Tightness Extends Through 2028
For updates and corrections, email newsroom[at]stocktwits[dot]com.<