Bitcoin gives back October gains as $81,300 support comes into focus
Bitcoin fell to roughly $83,300 on October 7, surrendering the gains it had made earlier in the month after trading above $86,400 the day before. Market watchers are focused on the $81,300 level; a lasting drop below it could open the way toward $77,000, especially if U.S. spot Bitcoin ETFs see outflows and recent buyers sell at a loss. About $696 million in forced liquidations across crypto over 24 hours added to the selling pressure.
Bitcoin’s pullback erased its early-October advance, with the token near $83,300 on Oct. 7 after trading above $86,400 a day earlier. Roughly $696 million in crypto-wide forced liquidations over 24 hours, mostly long positions, intensified the decline.
Analysts at Bitfinex see $81,300 as pivotal. A sustained break below it, combined with U.S. spot Bitcoin ETF outflows and a short-term holder SOPR under 1, could shift focus to $77,000. The prior rally above $86,000 had weak volume; Glassnode said new capital supplied under two-fifths of the rise in realized market value.
A drop below the watched support could weigh on retail and ETF investors who bought recently, potentially turning paper gains into losses and dampening risk appetite. Leveraged traders may face further liquidations, while crypto firms and funds could see weaker flows and sentiment. If the level holds, markets may stabilize; if not, broader financial confidence in digital assets could cool, though the impact would likely remain concentrated among crypto-exposed households and institutions rather than the wider economy.