Bitcoin Drops Below $80,000 as Hourly Liquidations Top $200 Million

Bitcoin (BTC) fell under $80,000 on Saturday after more than $200 million in crypto positions were liquidated within an hour. Long traders made up $191.33 million of that sum.

Ethereum (ETH) also declined. BeInCrypto Markets data shows the total crypto market cap dropped 4.06% in the past 24 hours to $2.72 trillion. The liquidation data reveals where the heaviest losses occurred.

Bullish Traders Absorb the Heaviest Losses

That hourly wave was part of a larger 24-hour total. Coinglass reports $837.12 million in liquidations over that span, affecting 227,681 traders.

Longs represented 82.8% of that figure, reaching $693.05 million. Short sellers lost $144.07 million.

Bitcoin led with $232.55 million, followed by Ethereum at $181.51 million. Longs accounted for over 93% of each.

Binance recorded the largest single liquidation, an $11.85 million long on the ETHUSDT pair. Price data shows the sell-off extended beyond derivatives.

Bitcoin Slips Under the Price Corporate Treasuries Paid

At press time, Bitcoin traded at $79,464, down 2.48% in 24 hours. That is its lowest level since September 18.

Altcoins fell more sharply. Ethereum lost 4.71% to $2,288.73, a near two-month low. Solana (SOL) dropped 5.20% to $98.92.

Zcash (ZEC) saw the steepest drop among the top 10, declining 8.39% to $1,124.36.

Bitcoin now sits below $80,000, the average price corporate Bitcoin holders paid, per Glassnode estimates. That puts the average corporate treasury position at a loss.

Earlier Saturday, analyst Benjamin Cowen warned that a weekly close below $83,000 on October 25 would support his bearish outlook. He added that the scenario would be invalidated if Bitcoin climbs back above $83,000 and stays there.

BeInCrypto’s analysis flagged $77,876 as the next downside level. Below that, a support zone sits between roughly $76,700 and $72,500.

The market tested similar ground earlier this month. On October 8, total crypto market cap fell to $2.69 trillion before a Trump pledge on Iran eased the pressure. Today’s $2.72 trillion is about 1% above that floor.

crypto front-running something?

The week ahead brings more tests. The Federal Reserve meets on October 27 and 28, and September PCE inflation data follows on October 29.

Brent crude settled at $116.72 on Friday, a level that could keep inflation elevated. Whether buyers defend $77,876 before those events may determine how much room Bitcoin has left.