Bitcoin’s price drop below $81,000 triggered nearly $1.1 billion in crypto liquidations, while newer holders moved tens of thousands of BTC to exchanges at a loss. The slide reached $80,350 on Bitstamp before Bitcoin recovered to around $82,500 on Friday, October 9—a level central to its bullish reversal pattern.
Key takeaways
- CoinGlass recorded $1.09 billion in liquidations over 24 hours.
- Bitcoin rebounded toward the $82,500 technical threshold.
- Short-term holders transferred 55,600 BTC at a loss.
According to Cointelegraph, the Bitstamp low was Bitcoin’s weakest price since September 18. Separate onchain findings from CryptoQuant contributor Amr Taha showed that loss-making exchange transfers on Thursday exceeded the tally recorded during Bitcoin’s June sell-off, despite October’s much higher price.
Bitcoin’s price drop drives liquidations above $1 billion
CoinGlass put crypto market liquidations at $1.09 billion in the 24 hours ending at 10 a.m. UTC on Friday. Long positions accounted for $1.05 billion of Thursday’s total.
That was the largest daily liquidation tally since August 21. On that occasion, Bitcoin rose from $73,000 to $79,500, reached a two-month high and triggered $1.3 billion in crypto short liquidations.
This time, Bitcoin’s price fell to $80,350 on Bitstamp as liquidations mounted across the crypto market.
The $82,500 level anchors the reversal pattern
$82,500 is the breakout point for Bitcoin’s inverse head-and-shoulders pattern. The report identified holding that level as support as a requirement for confirming the bullish reversal.
The threshold had also been important during Bitcoin’s broader uptrend since early July. Friday’s recovery brought the price back toward it after the decline.
Trader and analyst Rekt Capital, who has followed the pattern and its resemblance to Bitcoin’s 2023 recovery, described the retest as failing in a Thursday post on X. His analysis highlighted the upcoming weekly candle close as key to assessing the pattern.
Short-term holders move 55,600 BTC at a loss
Short-term Bitcoin holders transferred 55,600 BTC to exchanges at a loss on Thursday, Taha reported. The category covers entities that have held Bitcoin for up to six months without selling.
A loss-making transfer means coins reached an exchange at a price below that of their previous transaction. Such movements often reflect an impulsive exit driven by fear of further declines, the report said.
CryptoQuant’s comparison showed Thursday’s loss tally exceeded that of June 26, when Bitcoin traded below $60,000 for a second consecutive day. Taha contrasted October’s price above $81,000 with June’s $59,300—a difference exceeding 36%.
According to the report, heavy selling driven by losses has, in the past, aligned with brief periods of capitulation, which may wear out weaker holders and lay the groundwork for a rebound. Taha also cautioned that users transferring coins to exchanges did not necessarily sell their entire positions.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.
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