Bitcoin (BTC) slipped below $80,000 on Saturday as more than $200 million in crypto positions were liquidated within an hour. Traders betting on higher prices accounted for $191.33 million of that total.
Ethereum (ETH) fell alongside the leading crypto. BeInCrypto Markets data shows the total crypto market cap down 4.06% over the past 24 hours, at $2.72 trillion. The liquidation data shows who absorbed most of the losses.
Bullish Traders Absorb the Heaviest Losses
The hourly wave formed part of a larger 24-hour total. Data from Coinglass shows $837.12 million in liquidations over that period, hitting 227,681 traders.
Long positions made up 82.8% of that figure, or $693.05 million. Short sellers lost $144.07 million.
Bitcoin led the tally with $232.55 million, followed by Ethereum at $181.51 million. Longs accounted for more than 93% of each.
Binance recorded the largest single liquidation, an $11.85 million long on the ETHUSDT pair. Price data shows how far the sell-off reached beyond derivatives.
Follow us on X to get the latest news as it happens
Bitcoin Slips Under the Price Corporate Treasuries Paid
Bitcoin traded at $79,464 at press time, down 2.48% over 24 hours. This marked its lowest level since September 18.
Altcoins fell harder. Ethereum lost 4.71% over the same period to $2,288.73, its lowest level in about two months. Solana (SOL) dropped 5.20% to $98.92.
Zcash (ZEC) posted the steepest decline in the top 10, sliding 8.39% to $1,124.36.
Bitcoin now sits below $80,000, the average price that companies holding Bitcoin on their balance sheets paid per coin, according to Glassnode estimates. That puts the average corporate treasury position at a loss.
Earlier on Saturday, analyst Benjamin Cowen warned that a weekly close below $83,000 on October 25 would support his bearish path. He said the scenario becomes void if Bitcoin climbs back above $83,000 and holds 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 has tested similar ground 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 sits about 1% above that floor.
Next week brings more tests. The Federal Reserve meets on October 27 and 28, and September Personal Consumption Expenditures (PCE) inflation data follows on October 29.
Brent crude also settled at $116.72 on Friday, a level that could keep inflation elevated. Whether buyers defend $77,876 before those events could decide how much room Bitcoin has left.
Subscribe to our YouTube channel to watch leaders and journalists provide expert insights
The post Bitcoin Loses $80,000 as $200 Million in Leverage Unwinds in an Hour appeared first on BeInCrypto.
