Bitcoin reversed from resistance near $87,000 on October 3, pulling the broader crypto market lower as leveraged liquidations compounded the losses. Weak US jobs data had briefly lifted prices, but the rally failed to hold, while fresh Bitcoin and Ethereum ETF outflows added to the pressure.
Bitcoin's retreat from resistance is dragging the rest of the market down with it, and leveraged selling is making the drop steeper.
Crypto Market Falls as BTC, ETH and XRP Extend Losses
Total market capitalization fell about 1.8% to $2.88 trillion over 24 hours, as Ethereum and XRP extended their daily losses. Bitcoin traded near $84,627, down 1.92% over 24 hours, according to CoinMarketCap's October 3 market data.
Ethereum fell 2.14% to approximately $2,684. XRP also slid, losing 3.65% to $1.48 over the same period. Bitcoin briefly cleared $87,000 on Friday before reversing, leaving the rebound unable to hold, with a recent low near $83,898 and resistance still sitting around $87,000.
Solana and Dogecoin also declined, extending losses across other leading cryptocurrencies.
Weak US Jobs Data Shifts Rate Expectations
US employers added just 29,000 jobs in September, compared with a 90,000 forecast. Unemployment rose to 4.2% from 4.1%, while revisions reduced July and August employment totals by 60,000.
August's gain was revised to 133,000 jobs, while July's reading was revised to a decline of 10,000. Average hourly earnings rose 0.1% monthly, bringing annual wage growth to 3.0%, per the Bureau of Labor Statistics.
Reported market pricing placed the odds of an October rate hike at 17%. That shift strengthened expectations the Federal Reserve could pause tightening, though Bitcoin's initial advance after the jobs release failed to sustain the broader rally.
Liquidations and ETF Outflows Deepen the Selloff
Crypto ETF outflows added to the pressure alongside the leveraged unwind. CoinGlass data showed $433.57 million in liquidations over 24 hours as of 06:02 UTC. Long positions made up $321.77 million, about 74% of the total, while short liquidations totaled $111.80 million.
US spot Bitcoin ETFs recorded $149 million in net outflows on September 30, according to SoSoValue, with none of the 12 tracked funds posting inflows that session. Ethereum spot ETFs lost another $59.58 million in net outflows the same day, bringing combined withdrawals to about $208.58 million.
The outflows ended a nine-day inflow streak for Bitcoin funds. Even so, Bitcoin ETFs attracted $2.65 billion for the month, with Ethereum ETFs taking in $832.43 million.
Bitcoin's push past $87,000 now looks like a false start, with price back near $84,627 and resistance holding firm.
Source: CoinGape
Trading involves risk.
Risk Disclaimer
