Bitcoin Drops Below $80,000 for the First Time Since September 18 as Weekend Liquidations Top $800 Million

Bitcoin slipped below $80,000 on Saturday and traded near $79,460, down about 2.5% over 24 hours and at its lowest level since September 18. Ether fell 4.7% to about $2,289, its lowest in roughly two months. Solana dropped 5.2% to $98.92 and Zcash fell 8.4%. The total crypto market capitalization declined about 4% to $2.72 trillion.

Leverage made the move sharper. BeInCrypto reported more than $200 million in liquidations within a single hour, with longs making up $191 million of that. Over 24 hours, $837 million was liquidated across more than 227,000 traders, and long positions accounted for about 83% of the total. Bitcoin led with $232.6 million, followed by Ethereum with $181.5 million. The selling took place on an illiquid weekend, which tends to magnify forced liquidations.

The chart also weakened. Bitcoin closed below its 50-day moving average, near $81,800, for the first time in 66 days. It now trades below the roughly $80,000 average price paid by corporate treasuries, according to Glassnode estimates. Brent crude settled at $116.72 on Friday, which keeps inflation worries alive.

Analyst Benjamin Cowen said a weekly close below $83,000 on October 25 would support his bearish view. BeInCrypto lists $77,876 as the next downside level, with a support zone at $76,700 to $72,500. The Fed meets on October 27-28, followed by PCE inflation data on October 29.

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Sources:

• BeInCrypto: Bitcoin Loses $80,000 as $200 Million in Leverage Unwinds in an Hour
• CryptoTicker: Bitcoin below its 50-day line, first time in 66 days