Reviewed by Reviewed by Jacob Thomas Updated 15:00 EDT October 3, 2026 Share Share Share Back to Top As Bitcoin [BTC] consolidates below $90k, the important question is what could eventually push the price higher
Interestingly enough, a catalyst may already be in place. From a macro perspective, the yields on treasuries are rising, and the probability of a rate hike in October has plummeted to 17% from 75% a few days ago. Nonetheless, the risk appetite remains repressed, and investors are still hedging into safe havens. In other words, liquidity is still cautious
We just got a weaker than expected September jobs report, a 2-month downward revision of -60,000 jobs, and weaker than expected PCE inflation data. Meanwhile, the 10Y Note Yield can’t even hold a decline for more than one hour. The bond market is not messing around
However, looking closer at the situation, it becomes apparent that the relevance of Bitcoin on the macro level is far from being over. As seen on the chart below, the BTC/XAU ratio is pushing higher and looks ready to break above a significant level, which would be the second time since the rotation started in mid-August
According to AMBCrypto, the liquidity from this rotation could be the catalyst that propels Bitcoin towards $90k. With FOMC related FUD keeping volatility high, a rotation from gold to BTC could provide the liquidity required for a breakout, a view is shared by Jurrien Timmer, Director of Global Macro at Fidelity
When it comes to FOMO, the setup makes it clear why Bitcoin is seeing increased preference over gold
From a technical lens, the BTC/XAU ratio ended Q3 up 37%+ higher, making it the best quarterly gain since the Q4 2024 election-driven rally. Thus, the BTC price against gold reached a critical level, reaffirming Bitcoin’s status as a macro-hedge. Jurrien Timmer, Fidelity’s Director of Global Macro, highlighted this shift
I continue to like exposure to both gold and Bitcoin, but especially Bitcoin looks interesting to me at these levels, where we broke out above $80k, targeting $100k
In short, since BTC’s correlation with Treasury yields is lower than that of gold, the asset appears to benefit from the rotation and strengthen the BTC/XAU ratio
Therefore, if the tendency persists, the BTC/XAU breakout could act as an essential liquidity marker. Especially considering that the macro environment remains volatile, Bitcoin’s strength against gold may well enable another $90k leap
Ritika Gupta is a coin-based journalist at AMBCrypto who focuses on how economic and political trends impact cryptocurrencies. A social sciences graduate from Gargi College, she reports on AI, DeFi, Web3, and blockchain, using her hands-on experience to turn complex crypto developments into clear, practical insights for readers
