Bitcoin fell below $85,000 on October 7 after sellers rejected its push back above $87,000, dragging the price to roughly $84,128. The drop triggered $550.53 million in liquidations across crypto markets, with longs bearing $484.6 million of the losses. Sentiment cooled but stayed in positive territory as traders awaited the Federal Reserve's FOMC minutes and watched rising oil prices.
Bitcoin's attempt to retake $87,000 was rejected by sellers on October 7, sending the price down to roughly $84,128. The retreat triggered $550.53 million in liquidations across crypto markets within 24 hours, with long positions accounting for $484.6 million of that total.
The current level sits inside the range that has held Bitcoin's price since late September, a zone that had previously acted as support when buyers defended it. Holding $85,000–$86,000 would let bulls attempt another run at $87,000, but a close below $83,000 would hand control to sellers and expose the $80,000 zone.
Liquidations hit longs hardest
According to CoinGlass data, Ethereum recorded the largest share of liquidations at $176.20 million after falling below $2,600, with Bitcoin following at $144.67 million. As Bitcoin lost range support, leveraged positions faced forced closures, accelerating the move toward further losses. The liquidation wave could reduce excessive leverage and create a cleaner market structure. Another sharp decline could trigger further long liquidations, while stabilization would let sidelined buyers rebuild positions without the same leverage pressure.
Sentiment cools as FOMC minutes and ETF flows loom
The Fear and Greed Index fell to 63 from 67 a day earlier, after topping 80 in late August. For now, the fading greed reflects caution rather than capitulation.
Investors are also awaiting the Federal Reserve's FOMC minutes. Rising oil prices are adding to inflation concerns after a storm near the Gulf of Mexico and attacks in the Middle East raised supply worries. U.S.-listed spot Bitcoin ETFs still logged $118.8 million in net inflows on October 6, reversing $89.8 million in outflows the day before, though the inflows weren't enough to stop Bitcoin from slipping below $84,000. Traders are watching $80,000–$82,000 as immediate support, with a sustained move above $87,000 needed to put $100,000 back in focus.
Sources: AMBCrypto, CoinJournal
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