Bitcoin experienced a sharp decline early Wednesday, dropping from $85,341 to $83,790 between 01:45 and 02:10 UTC on October 7, erasing approximately $1,765 in value over roughly 20 minutes.
The sell-off triggered significant liquidations across leveraged positions. Onchain trackers recorded $412.62 million in liquidations within one hour, with long positions accounting for over 97% of the losses. Over a 24-hour period, long liquidations reached $479 million, affecting 104,836 traders in total.
The volatility extended beyond Bitcoin to other major cryptocurrencies. Ether fell from approximately $2,688 to $2,591, while XRP declined from $1.49 to $1.43 before both assets recovered slightly. Nearly every top-20 asset traded in the red on the day.
The liquidation event occurred three days before October 10, a date that carries significance in the crypto market. On October 10, 2025, a tariff shock triggered the largest liquidation event in crypto history, wiping out more than $19 billion in leveraged positions across roughly 24 hours and affecting over 1.6 million traders.
Wednesday's event was substantially smaller in scale. The $479 million in long liquidations represented approximately 2.5% of the 2025 total, and the affected traders comprised roughly 6.5% of that day's count.
Key Support and Resistance Levels
Bitcoin is currently trading near $84,200, approximately $2,500 below its 24-hour high of $86,699. Analysts have identified three price levels as important to monitor over the coming days:
- $83,577: Wednesday's low, which bulls need to hold
- $82,600: The next dense cluster of long liquidations identified on the liquidation map
- $87,400: The overhead liquidity pool that could squeeze shorts if Bitcoin reclaims it
The past week has seen Bitcoin trading around the $87,000 level, with the asset's price testing the $87K resistance multiple times before sellers gained control overnight.
