Bitcoin
Bitcoin Pulls Back Below $85,000 as Crypto Derivatives Liquidations Reach $550 Million
A rejection near the $87,000 level pushed Bitcoin lower on October 7, triggering over $550 million in liquidations across the broader crypto market.
Bitcoin fell below the $85,000 mark on October 7 after an attempt to surpass $87,000 faced firm selling resistance. The retreat brought the asset to approximately $84,128, though it remained within the broader trading consolidation range established in late September.
The price decline caused significant unwinding in derivatives markets, where total liquidations exceeded $550.5 million over a 24-hour window, according to CoinGlass data. Long positions accounted for more than $484.6 million of the wiped positions as falling prices forced leveraged positions to close.
Ethereum accounted for the largest share of forced liquidations at $176.2 million as it dropped below $2,600, while Bitcoin liquidations totaled $144.67 million. Market analysts highlighted that holding support above $83,000 remains critical to preventing further downside toward $80,000, whereas recovering above $85,000 could enable another retest of higher resistance levels.
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