On October 7, Bitcoin dropped below $84,000, reaching a low of $83,556 on the Binance exchange. The asset later recovered to trade near $84,220. Ethereum also saw a decline, briefly falling to $2,591 before stabilizing above $2,615.
The market downturn triggered mass liquidations of long positions. According to CoinGlass, total liquidations over 24 hours reached $550.3 million, with $479.6 million attributed to long positions. Within a four-hour window, liquidations totaled $429.8 million, including $415.3 million in longs.
The crypto sell-off coincided with rising oil prices, as Brent crude climbed above $101 per barrel. Global market tensions were further impacted by increased shipping attacks in the Strait of Hormuz and a rise in the yield of 10-year US Treasury bonds to 5.31 percent.
Market analysts offer conflicting outlooks. FxPro suggests that a sustained drop below $83,000 could lead to a decline toward $80,000. Conversely, ViaBTC analyst Jeff Ko views the current price action as potential consolidation, provided the $82,000–83,000 support level remains intact.
