Bitcoin (BTC) briefly fell below $84,000 early Wednesday in Asia, breaching a level FxPro had flagged as a win for sellers, while oil and the dollar climbed.
Key Points:
- Bitcoin touched about $83,800 before steadying just above $84,200, down about 1.5% on the day.
- Liquidations reached $555.6 million in 24 hours, with $487.2 million from bets on higher prices.
- FxPro says a fall through $83,000 could send Bitcoin to $80,000 fairly quickly.
Bitcoin Price Drop
The largest cryptocurrency slid to about $83,800 after trading near $86,600 on Tuesday, then steadied just above $84,200, a decline of about 1.5% on the day.
The move wiped out $555.6 million in leveraged crypto positions over 24 hours, most of it within about four hours, based on CoinGlass data. Bets on higher prices accounted for $487.2 million of that total.
Smaller tokens fell harder. Ether (ETH) lost 3.5% to about $2,610 and XRP (XRP) dropped nearly 3% to about $1.46, while Dogecoin (DOGE) led declines among major coins with a 5% slide to about 9 cents.
Oil and bond yields rose at the same time. Brent crude gained almost 1% to about $101.50 a barrel after Iran stepped up attacks on tankers in the Strait of Hormuz, and a Gulf of Mexico storm also threatened U.S. offshore production. The dollar strengthened against every other Group-of-10 currency, and the 10-year Treasury yield climbed three basis points to 5.31%.
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FxPro Bear Warning
FxPro said Tuesday that a break below $84,000 would signal "a victory for the bears," giving traders who bet on lower prices the upper hand. A further fall through the recent low near $83,000 would confirm that shift and could send Bitcoin to $80,000 fairly quickly, the firm said.
Dominick John, an analyst at Zeus Research, attributed the pullback mainly to profit-taking and forced liquidations after a build-up in open interest and funding rates. Jeff Ko, chief analyst at ViaBTC, took a calmer view. He said Bitcoin closed the third quarter up roughly 40% with $6.5 billion of spot ETF inflows, and he would still call the move a constructive consolidation if $82,000 to $83,000 holds.
Minutes from the Federal Reserve's September meeting, when it raised rates by a quarter point, are due later Wednesday. Dan Khus, chief analyst at LVRG Research, said traders want to know whether officials sound patient or still point to another rate increase this year.
Bitcoin Range History
Bitcoin has traded for two weeks in a range capped near $87,000, where sellers turned it back on Monday for the third time since Sept. 23. It returned to that level in September for the first time in eight months. Bitcoin now sits about one-third below its record above $126,000, set on Oct. 6, 2025, after bottoming just under $59,000 on June 30.
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