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Bitcoin drops over 3% to $83,000 after losing key support; $394 million liquidated in one hour
- On Wednesday, Bitcoin fell below $83,000, hitting month-to-date lows as a sharp market pullback forced the closure of leveraged long positions across digital-asset venues.
- Geopolitical tensions surrounding Iran and the Strait of Hormuz pushed Brent crude to $102 per barrel, lifting U.S. 10-year Treasury yields to 5.36% and triggering a risk-off rush that pressured crypto assets.
- Forced liquidations across digital-asset venues totaled approximately $555.6 million over 24 hours, with leveraged long positions accounting for $487.2 million of the total, according to CoinGlass data.
- Analysts warn the pullback remains constructive only if Bitcoin holds the $82,000 to $83,000 range, citing its roughly 40% gain in the third quarter before this decline.
- Investors now await Federal Reserve FOMC meeting minutes, which Dan Khus, chief analyst at LVRG Research, notes may clarify whether central bankers are considering additional rate hikes amid inflationary pressures.
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The cryptocurrency market is showing weakness, failing to find upward momentum. According to CoinMarketCap, a global cryptocurrency market data site, on the 8th, Bitcoin was trading at $83,350 as of 8:20 AM. This is a 2.43% decrease from the previous day. Ethereum, the second-largest cryptocurrency by market capitalization, fell 4.43% to $2,576, while XRP is trading at $1.42, down 5.24%. Cryptocurrency market
Bitcoin drops over 3% to $83,000 after losing key support; $394 million liquidated in one hour
Bitcoin fell nearly 3% toward $83,000 after losing key on-chain support, while Ethereum dropped over 5%. A sharp leveraged sell-off triggered major liquidations, with analysts citing macro uncertainty, derivatives unwinding and weakening technical levels as pressures on crypto markets.
·Mumbai, India
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Leaning Left0Leaning Right10Center12Last UpdatedBias Distribution55% Center
Bias Distribution
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55% Center
C 55%
R 45%
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