Bitcoin edges back above $86,000 as oil and bond yields retreat

Bitcoin climbed back toward $86,000, up from the $85,276 level in our last recap, as oil prices and bond yields retreated. CoinDesk reports that the cryptocurrency rose above $86,000 as that pressure eased, after a session in which an 18-month dollar high had capped gains.

Bitcoin

Bitcoin traded at $85,932 in the CoinGecko snapshot taken at 15:55 UTC on 6 October. That is a gain of 0.75% over 24 hours and 2.81% over seven days. The 24-hour range ran from $85,010 to $86,625. Volume over the same window was $26.8 billion.

CoinDesk cites FxPro as saying a slide below $84,000 would hand control to sellers and put $80,000 in play. In a separate piece, CoinDesk notes that smaller altcoins have outperformed while Bitcoin trades around $85,000. Chart: BTC/USD on TradingView.

Ether and the majors

Most large caps posted small 24-hour gains. Cardano again led, adding 3.2% on the day and 9.36% on the week. BNB was the only major in the red over 24 hours.

Ether moved in a tight band between $2,680.92 and $2,722. Cointelegraph reports that Ethereum's Glamsterdam upgrade has launched on the Sepolia testnet, one of the final major rehearsals before mainnet activation.

Breadth and sentiment

CoinGecko puts total crypto market capitalisation at $2.931 trillion. Bitcoin dominance stands at 58.8% and Ether dominance at 11.3%. The data pack shows a 24-hour market cap decline of 2.41%, which does not match the gains in the large caps, so we treat that figure with caution.

The Crypto Fear & Greed Index from Alternative.me rose to 73 (Greed), from 70 on Monday and 65 on 4 October. The index has stayed in Greed for all eight days in the data, with readings between 65 and 74.

News drivers

• OKX funding. Cointelegraph reports that OKX raised fresh capital at a $25 billion valuation, extending a March round led by the parent of the New York Stock Exchange. According to Decrypt, Circle, Ripple and Standard Chartered joined, at the same valuation as seven months ago.
• Self-custody rule dropped. CoinDesk reports that FinCEN withdrew two proposals, including a $10,000 reporting rule for crypto sent to private wallets.
• Exchange flows. Cointelegraph says Binance BTC reserves fell by nearly 40,000 coins since 20 September, the largest outflows since mid-2023, as whales deposited stablecoins.
• Treasury buying. Decrypt reports that Strive bought 2,000 BTC for about $169 million, its biggest purchase in four months, bringing its holdings to 29,462 BTC.
• Stablecoins. According to Cointelegraph, Paxos' $3 billion USDG stablecoin is now live on Arbitrum, with the network proposing 100 million ARB in incentives.

For background on the dollar strength that weighed on crypto earlier in the week, see our sister site's report on the euro's slide as French fiscal fears lifted the dollar.

What to watch next

1. Fed minutes. CoinDesk notes that minutes from the Federal Reserve's last meeting are due on Wednesday.
2. The $84,000 level. FxPro, cited by CoinDesk, flags a break below $84,000 as the line that would shift control to sellers.
3. Glamsterdam. The Sepolia launch is one of the last rehearsals before mainnet activation, per Cointelegraph. No mainnet date is given.
4. Polymarket V2. Cointelegraph reports a planned November transition to Protocol V2 for new prediction markets.
5. Hong Kong licensing. Officials are holding to an end-2026 deadline for a crypto licensing bill, according to Cointelegraph.