Cryptocurrency traders faced significant losses as Bitcoin fell to $80,393 on Thursday, triggering over $1 billion in forced liquidations within 24 hours. According to CoinGlass data, approximately $930 million of these liquidations came from long positions, with more than $600 million occurring in a single hour—the largest hourly total in a month.
The sell-off arrives two days before the anniversary of October 10, 2025, when liquidations wiped out about $19 billion in trades. Bitcoin peaked near $126,200 that week and has not returned to that level since.
Comparing Current Pressure to Previous Crisis
While Thursday's liquidation wave was the largest long-side wipeout in 90 days, the total remains about one-nineteenth of last year's figure. Market data does not yet show signs matching fears of a repeat crash.
External factors contributed to the recent downturn. Federal Reserve minutes released October 7 indicated most officials viewed another rate hike as likely appropriate by year-end. The 10-year Treasury yield held near 5.3%, and Brent crude traded near $105. US spot Bitcoin ETFs saw $487 million in outflows, marking the largest outflow since late June.
Ethereum declined 4.1% to $2,460 during the same period.
Key Price Levels Under Scrutiny
Bitcoin's price action around $81,000 has drawn attention from analysts. Glassnode identified this level based on the largest buy orders at Binance, with the next significant cluster of leveraged bets positioned near $75,000.
Market participants differ on the critical price thresholds. Analyst Rekt Capital emphasized the importance of Sunday's weekly close, stating that a close below $82,500 could signal a return to Bitcoin's macro accumulation range. Trader Ted Pillows suggested that losing the $81,500 to $82,000 range could push Bitcoin toward $75,000.
Other analysts offered alternative views. Michaël van de Poppe characterized the recent correction as organic and suggested the consolidation zone could attract buyers.
Structural Concerns Amid Rally
According to Glassnode analysts, existing holders rather than fresh capital drove the latest rally. New inflows from ETFs, stablecoins, and corporate treasuries have been shrinking, suggesting limited new demand entering the market.
The next macro catalyst arrives October 14 with the release of US September inflation data. Until then, Bitcoin remains positioned between a $75,000 downside target and the $82,500 level bulls seek to defend.
