Crypto traders faced over $1 billion in forced liquidations within 24 hours as Bitcoin's price dropped to $80,393. According to CoinGlass, approximately $930 million of these liquidations involved long positions. This event marks the largest long-side liquidation wave observed in 90 days, with over $600 million liquidated in a single hour.
Market pressure was influenced by external economic factors, including Federal Reserve minutes suggesting a potential year-end rate hike. The 10-year Treasury yield reached 5.3%, while Brent crude traded near $105 per barrel. Additionally, US spot Bitcoin ETFs recorded outflows of $487 million, the highest level since late June.
Ethereum experienced a 4.1% decline, reaching $2,460. Analysts from Glassnode noted that the recent market rally was driven by existing holders rather than new capital inflows. Current market data shows that inflows from stablecoins, corporate treasuries, and ETFs have been decreasing.
Bitcoin is currently trading between a support level of $75,000 and a resistance level of $82,500. Analysts are divided on the outlook, with some pointing to the upcoming weekly close and US inflation data due on October 14 as critical indicators for future price movement.
