Bitcoin (BTC) fell below $80,000 on Saturday as more than $200 million in crypto positions were liquidated within a single hour. Traders betting on higher prices accounted for $191.33 million of that total.
The hourly liquidation spike was part of a broader 24-hour trend. Data from Coinglass showed $837.12 million in total liquidations over the day, affecting 227,681 traders. Long positions made up 82.8% of the total, or $693.05 million, while short sellers lost $144.07 million.
Bitcoin led individual assets with $232.55 million in liquidations, followed by Ethereum at $181.51 million. Long positions accounted for more than 93% of liquidations in each cryptocurrency.
Bitcoin traded at $79,464 at the time of reporting, down 2.48% over 24 hours and marking its lowest level since September 18. The price decline has pushed Bitcoin below the estimated average price that corporate treasury holders paid per coin, according to Glassnode data, putting those positions into negative territory.
Ethereum lost 4.71% over 24 hours to $2,288.73, its lowest level in approximately two months. Solana (SOL) dropped 5.20% to $98.92. The total crypto market cap fell 4.06% to $2.72 trillion.
Technical analysts identified support levels below current prices. BeInCrypto's analysis flagged $77,876 as the next downside level, with a support zone between approximately $76,700 and $72,500. The market previously tested similar levels on October 8, when the total crypto market cap fell to $2.69 trillion.
The Federal Reserve is scheduled to meet on October 27 and 28, with September Personal Consumption Expenditures (PCE) inflation data due on October 29. These events could influence price movement and test support levels in the coming week.
