Bitcoin Falls Below $83,000 as Liquidations Near $696M
Bitcoin and Ethereum came under sharp selling pressure in two stages. Late on 29 September, Bitcoin fell below $83,000 and Ethereum dropped under $2,700, with more than 82,470 traders liquidated and losses of about $323.03 million over 24 hours, according to CoinGlass. By the evening of 7 October, Taiwan time, Bitcoin was again below $83,000 and Ethereum had slipped below $2,600. The latest CoinGlass figures showed 121,449 traders liquidated in 24 hours, with losses rising to about $695.83 million. The largest reported liquidation also increased, from about $5.06 million on an HTX ETH-USDT position in the earlier report to $26.64 million on a Binance ETH-USDC position in the later one. No specific catalyst was identified. The larger liquidation wave points to increased volatility and risk for leveraged traders; Bitcoin and Ethereum’s ability to recover these price levels may help indicate whether selling pressure is easing.
Bearish
The news is bearish for Bitcoin and Ethereum in the short term. Both have fallen below key price thresholds, while the rise in liquidations—from about $323 million to nearly $696 million—suggests forced selling and elevated leverage are amplifying market pressure. Such liquidation cascades can drive prices lower as leveraged positions are closed, and may discourage traders from taking new long positions until volatility settles. The reports do not identify a specific catalyst, so the data alone does not establish a lasting change in market fundamentals. Over the longer term, the impact will depend on whether Bitcoin and Ethereum stabilize and recover the cited levels, or whether continued selling and weak sentiment extend the decline. A rapid rebound could indicate that forced liquidations have run their course, but the latest figures point to heightened downside risk in the near term.