Bitcoin fell below $80,000 on Saturday, extending a volatile decline that pushed the market into support levels. Reported intraday lows ranged from $79,146 to $79,263, with later price readings showing BTC near $80,300.
The selloff was accompanied by accelerating liquidations. CoinGlass recorded $239.65 million in Bitcoin liquidations over 24 hours, with long positions accounting for $223 million, or 93.1%, of the total. Across the broader crypto market, liquidations reached $820.78 million, with longs representing $686.93 million of that total.
Bitcoin fell below its 50-day simple moving average near $81,700 to $81,800, a level that had held for approximately two months. Near-term support levels sit near $78,400 and $77,876, while a wider support zone runs from $76,700 to $72,500.
U.S. spot Bitcoin ETFs contributed to selling pressure with consecutive days of outflows. On Thursday, Oct. 22, the funds lost approximately $635.5 million, their largest daily outflow since June 25. BlackRock's IBIT accounted for $254.1 million, while Fidelity's FBTC lost $217.5 million. Friday saw an additional $137.9 million in outflows.
ETF investors face a timing constraint: U.S.-listed Bitcoin funds cannot trade on weekends, meaning shareholders cannot adjust positions even as Bitcoin continues trading. Trading resumes Monday when U.S. markets reopen.
Broader market weakness also pressured Bitcoin. The Nasdaq Composite fell 2.6% on Thursday, its steepest daily drop since June 5, while Brent crude climbed above $117 amid Middle East tensions. The Federal Reserve is scheduled to announce its rate decision on Oct. 28.
