Bitcoin Hit $87,000 — Then $433 Million in Bets Got Wiped Out
The weak jobs report sent bitcoin briefly above $87,000 before it slid back to about $84,600, liquidating hundreds of millions in leveraged longs. Meanwhile Citi raised its 12-month target to $113,000.
Crypto reacted to Friday's jobs data the way growth stocks did — at first. Lower odds of a Fed hike are generally good for speculative assets, and bitcoin jumped from the mid-$84,000s to just above $87,000 within hours. Unlike the Nasdaq, it didn't hold the gain.
Approximate levels compiled from Coinjuice, CoinGecko and Bitcoin.com reporting.
Why the rally reversed: leverage
Before the move, open interest and funding rates had jumped — a sign many traders were using borrowed money to bet on higher prices. When bitcoin failed at $87,000, those positions began hitting their liquidation levels. Each forced sale pushed the price lower, triggering the next. That cascade is why crypto often overshoots in both directions.
| Metric | Value |
|---|---|
| 24-hour high | ~$87,085 |
| 24-hour low | ~$83,898 |
| Price, Oct 3 morning | ~$84,600 |
| Total liquidations (24h) | ~$433.6 million |
| Share from long positions | ~75% |
The bigger picture: ETFs and Wall Street targets
Zoom out and the backdrop has improved since summer. Citi, which cut its target to $82,000 in July when ETF money was leaving, reversed course this week and now sees $113,000 within 12 months. Its reasons: spot ETF flows turned positive again, the SEC kept writing crypto rules after the CLARITY Act stalled in the Senate on September 15, and Treasury buybacks eased pressure on markets in August.
More uncertain macro data, such as this jobs report, could be the catalyst to clear this resistance and set the path to the next resistance levels: $90K and $97K.
Matt Mena, 21shares, to Bitcoin.com News
What it means for you
- Leverage is the real risk. Most of Friday's pain fell on borrowed bets, not on people who simply held.
- Price targets are opinions. Citi itself moved its target from $143,000 to $82,000 to $113,000 within one year.
- Size it small. If you own crypto, treat it as a high-risk slice of a diversified portfolio.
- Watch the Fed. The October 27-28 meeting is the next big macro event for both stocks and crypto.
Common questions
- What is the bitcoin price on October 3, 2026?
- Bitcoin traded around $84,600-$84,900 on Saturday, October 3, after reaching an intraday high near $87,085 on October 2. Crypto prices move constantly, so check a live source before acting.
- Why did bitcoin rise and then fall after the jobs report?
- The weak September payrolls lowered the odds of a Fed rate hike, which briefly lifted risk assets including bitcoin. The rally stalled at the $87,000 resistance level, and the reversal forced heavily leveraged long positions to close, accelerating the drop.
- What is a crypto liquidation?
- When a trader borrows to amplify a bet and the price moves against them, the exchange automatically closes the position once their collateral can't cover losses. Around $433.6 million was liquidated in 24 hours, roughly three-quarters from longs.
- What is Citi's bitcoin price target?
- In a note dated September 30, Citi raised its 12-month bitcoin target to $113,000 from $82,000, citing returning spot ETF inflows, and lifted its ether target to $3,028. Bank targets are opinions, not guarantees.
- Should beginners invest in bitcoin?
- Bitcoin is highly volatile. If you choose to own any, keep it to a small share of a diversified portfolio, avoid leverage entirely, and only invest money you won't need for years. This is educational content, not financial advice.
Sources
- The Crypto Times — Bitcoin price slips to $84,600 as $433M liquidations hit longs (Oct 3, 2026)
- Bitcoin.com News — Bitcoin price gets squeezed at $84K as $85K becomes the next test (Oct 3, 2026)
- Crypto.com — Citi sees Bitcoin at $113,000 within a year (Markets Weekender, Oct 3, 2026)
- Bitcoin.com News — Analyst sees bitcoin path to $97K as weak jobs data shift Fed odds (Oct 3, 2026)
- Coinjuice — Jobs Miss & a $87K Ceiling (Oct 3, 2026)
Not financial advice — educational only. This article is general information, not a recommendation about any security or strategy. Consider your own circumstances and speak with a licensed professional.
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