Bitcoin extended its decline, bringing the $80,000 level back into focus. Binance data showed BTC falling as low as $82,654. During the Oct. 8 Asian trading session, it was changing hands at about $82,900, down roughly 1.3% over 24 hours, after reaching a 24-hour high of $84,358.
The move sent Bitcoin back below $84,000 and also knocked it under the $83,000 area that the market had repeatedly defended in recent trading.
$714 million liquidated in 24 hours
The latest leg lower came with another round of leverage being flushed out. CoinGlass data showed that about 124,276 traders were liquidated over the past 24 hours, with total liquidations reaching about $714.47 million. The largest single liquidation occurred on Binance, involving an ETHUSDC position worth about $26.64 million.
During the previous drop below $84,000, total market liquidations over 24 hours were about $556 million, including $487 million in long positions. The report said the market had already been showing rising open interest and funding rates at that stage, alongside a buildup in leverage, leaving prices especially exposed to forced deleveraging.
From around $87,000 down to below $83,000, the latest move was described as more than a routine pullback, with clear signs of a leveraged long squeeze.
$82,000 now seen as the first key line
The market had previously treated the $82,000 to $83,000 range as the first layer of support. ViaBTC analyst Jeff Ko said that as long as BTC held that zone, the move could still be viewed as a healthy consolidation after the strong third-quarter rally.
Now that BTC has fallen to around $82,650, that support band is facing a direct test. If $82,000 is decisively broken, only about $2,000 would remain between price and the next major round-number psychological level. In that case, $80,000 would become the next obvious line between bulls and bears.
Oil, Treasury yields and the dollar remain sources of pressure
The report said the crypto decline was not happening in isolation. Reuters data showed Brent crude climbing back to $101.53 a barrel on Oct. 8, mainly because of Middle East supply risks and an increase in tanker attacks in the Strait of Hormuz. Before the war, that route handled about 20% of global oil and fuel shipments.
Higher oil prices have also revived inflation concerns. The U.S. 10-year Treasury yield recently rose as high as 5.364%, while the 30-year yield reached 5.669%, both near roughly 24-year highs. Although a successful Treasury auction helped yields ease somewhat, long-term rates remained elevated.
Dollar index nears an 18-month high
Another source of pressure came from the U.S. dollar. Minutes from the Federal Reserve’s September meeting showed that most officials still saw inflation risks as tilted to the upside and said additional policy tightening could still be appropriate. The dollar index was around 102.23, close to its highest level since April 2025.
At the same time, market pricing for another 25-basis-point Fed rate hike in October stood at only about 19%. The report said the more immediate pressure on BTC was not the prospect of an imminent hike, but the possibility that rates stay higher for longer and that long-dated yields remain elevated.
Three price levels in focus
The report broke the market into three levels:
- $83,000: already lost, with former short-term support starting to turn into resistance.
- $82,000: the most important first line right now. If it holds, the move may still amount to a leverage washout after the third-quarter rally.
- $80,000: the next major psychological and technical level. If BTC clearly breaks below $82,000, this becomes the market’s next natural test zone.
By the report’s framing, Bitcoin has moved from a test of $83,000 support into the opening phase of a defense around $80,000. A decisive break below $82,000 would be the condition that turns that battle into a more explicit market focus.