Bitcoin Consolidates Below $85,000 Following SEC Custody Proposal and Weak Jobs Data

Bitcoin traded near $84,612 after briefly reaching an intraday peak of $87,219, surpassing $87,000 for the first time since September 23. The rally was fueled by a proposed SEC framework that modernizes 1940 Act custody rules to permit investment advisers and funds to directly hold digital assets when qualified custodians are unavailable. The move triggered approximately $142 million in Bitcoin short liquidations alongside $29 million in long liquidations. Crypto sentiment also gained momentum from weak September U.S. nonfarm payrolls, which added just 29,000 jobs against an expected 90,000, sending the unemployment rate to 4.2%.