Top cryptocurrencies mixed; Bitcoin holds above $84,000 level

KUALA LUMPUR, 26 SEPTEMBER 2026 —

Top cryptocurrencies were mixed on Friday, with Bitcoin down but still holding above the $84,000 level, while the CoinDesk Market Index, which tracks dozens of digital assets including Bitcoin, rose 0.9 percent, according to MT Newswires.

The catalyst was the preliminary S&P Global U.S. Composite Purchasing Managers' Index for September, which climbed to 58.4, far exceeding the 55.3 consensus forecast and marking the highest reading since July 2021. The data signaled unexpected economic resilience, prompting traders to price in a delayed or shallower Fed easing cycle. U.S.

Treasury yields surged to near 5.11 percent in response, diminishing the appeal of non-yielding risk assets such as Bitcoin and pressuring prices across the digital-asset complex.

Leverage amplified the move. After Bitcoin broke above $87,000 earlier in the week, high-leverage long positions accumulated rapidly. When the PMI release sparked a risk-off shift, a cascade of stop-losses and forced liquidations hit those positions, with the $145 million in long liquidations intensifying short-term downward pressure. Profit-taking after the mid-September rally further exhausted buying momentum, contributing to the technical pullback.

From a technical perspective, Bitcoin may continue downward to retest the $82,000–$83,000 zone, which previously served as rebound highs in May and early September. On Monday, Bitcoin broke through this resistance with a large bullish candlestick, converting it into potential support. A heavy-volume breakdown below that zone could invalidate the current bullish structure and resume a wider consolidation range, TradingKey said.

Asian markets, including Malaysia, track U.S. yield moves closely given the ringgit's sensitivity to dollar strength and capital-flow dynamics. A sustained rise in Treasury yields above 5 percent tends to weigh on regional risk sentiment, pressuring both equity and crypto exposures in local portfolios. Malaysian investors with positions in Bitcoin-linked funds or exchange-traded products would have seen intraday volatility spike on Thursday, though the rebound above $84,000 limited drawdowns by the close.

Derivatives data underscores the leverage-driven nature of the move. The $145 million in long liquidations over 24 hours represents a significant flush of speculative positioning, suggesting the market may be resetting for a cleaner directional move. Open interest and funding rates across major exchanges will be watched for signs of whether fresh leverage is rebuilding at current levels or if the market is de-risking ahead of the next macro catalyst.

The next key test will be whether the $82,000–$83,000 support holds on a retest. A defense of that zone would keep the post-mid-September uptrend intact, while a decisive break on heavy volume would signal a return to range-bound trading. Traders are also monitoring upcoming U.S. personal consumption expenditures data and Fed speakers for further clues on the policy trajectory that drove Thursday's repricing.