Bitcoin Cash jumped 28% to nearly $349 after CME Group said it will list BCH and Uniswap futures from October 19, the biggest move among major tokens. Bitcoin, meanwhile, matched Monday's high near $87,300 for a second time and was sold into it again, slipping to a session low of $85,500 as rising Treasury yields and a firmer dollar pressured risk assets.

Bitcoin Was Rejected Near $87,300 for a Second Straight Session

Bitcoin trades around $84,800, down just under 1% over 24 hours. The double rejection at ~$87,300 marks it as near-term resistance below the 100-week moving average around $89,000 — the next major technical hurdle. Support sits at the top of the long-term holder supply zone at $83,000–$86,000, which Bitcoin cleared earlier this week, with the 50-week SMA at $81,081 below that. Friday's ~$14 billion Deribit options expiry, with a call cluster at $85,000, adds a gravitational pull around current levels.

Rate Pressure Is Back as Oil Reverses Higher

WTI crude swung from a loss to a 0.5% gain at $90.93 after rallying more than $2 from session lows, amid a WSJ report that US oil executives are no longer confident the Trump administration will hold off on a diesel export ban following the president's comments at the UN General Assembly. The oil move helped push the US two-year Treasury yield to a new cycle high of 4.79%, with futures markets now pricing a more than 53% chance of another Fed hike in October — consistent with last week's dot plot signaling one more 2026 hike after the September move to 3.75%–4.00%. Higher short-end yields and a stronger dollar are the classic headwind combination for Bitcoin.

A 600 BTC Wallet Dormant Since 2012 Moved $51.9 Million

A wallet holding 600 BTC untouched since July 2012 transferred its coins — worth about $51.9 million — to a new address on Monday, per on-chain data flagged by Galaxy Research. The holding was acquired when Bitcoin traded near $8, making the original stake worth roughly $4,800 (derived). The transfer pattern — legacy address to Native SegWit, with no known exchange destination — points to a wallet migration or consolidation rather than a sale, echoing other recent Satoshi-era wallet movements that avoided exchanges and thus limited evidence of selling pressure.

CME Access Explains the Size of the Bitcoin Cash Move

Regulated US futures let institutions barred from custodying crypto take BCH exposure, and give market makers a hedging venue that typically tightens spot pricing — the mechanism behind outsized listing reactions. Context matters, though: even after the surge, BCH has only recovered to levels last seen in the second half of May, having reversed from near $660 in early January to a $190 low. A sustained bid would bring $450 into range, a zone where buyers were active between October 2025 and this May. Elsewhere, ZEC rose 9% to just above $1,646 — extending its record run — XRP gained 3% to nearly $1.59, and TRX fell 2%.

Analysts Read the Rotation as a Pause for Bitcoin, Not a Reversal

FxPro senior analyst Alex Kuptsikevich told CoinDesk that speculative capital parked in Bitcoin as the most liquid crypto asset is temporarily rotating into altcoins in search of higher returns. He noted that in past episodes of this pattern, Bitcoin slowed rather than reversed, with pullbacks drawing in new buyers who had previously kept their money out of crypto. That framing aligns with Glassnode's altseason signal flip this week and Bitcoin dominance easing to roughly 57% (derived). What to watch: Thursday's US jobless claims and new home sales, Friday's Deribit expiry, and whether the two-year yield holds above 4.79%.