Bitcoin's price fell to approximately $79,146 on Saturday, marking its second test of the $80,000 threshold in roughly ten days. The decline accelerated as leveraged traders faced significant liquidations, with the cryptocurrency fluctuating between $79,400 and above $80,000 again by early afternoon, down approximately 2.3% to 2.5% over 24 hours.
More than $810 million in cryptocurrency positions were liquidated within the last day, including approximately $689 million in bullish bets. Coinglass.com reported that more than 200,000 traders were wiped out in broader 24-hour liquidations. Thin weekend liquidity compounded selling pressure, and once bitcoin breached $80,000, forced liquidations accelerated the decline into an already weakened market.
Bitcoin also slipped beneath its 50-day simple moving average near $81,700 to $81,800, breaking a technical support level that had held for approximately two months. Traders are now watching support around $78,400 and $77,876, followed by a broader zone between $76,700 and $72,500.
U.S. spot bitcoin ETFs lost $635.6 million earlier in the week, led by approximately $254 million from Blackrock's IBIT and $217.5 million from Fidelity's FBTC. Another $138 million reportedly exited on October 23. Unlike bitcoin's continuous trading, U.S.-listed spot bitcoin ETFs cannot be traded on stock exchanges during weekends, leaving investors unable to react until Monday's session.
Technology-stock weakness and elevated oil prices have complicated the broader outlook. Brent crude traded above $117 on Saturday amid Middle East tensions, adding inflation concerns ahead of the Federal Reserve's October 27-28 meeting.
