Bitcoin Drops Below $83,000 as Crypto Market Sell-off Hits $121 Billion
Key Facts
Bitcoin BTC fell below the $83,000 level amid a broad crypto market sell-off totaling $121 billion. unchainedcrypto.com reported that the decline triggered the liquidation of $487.2 million in leveraged long positions, accounting for the bulk of the $555.6 million in total market liquidations over a 24-hour period.
Analysts attributed the pullback to profit-taking and forced deleveraging following a significant build-up in open interest. According to CoinGlass data, long positions represented the vast majority of liquidations, while the Crypto Fear & Greed Index dropped from 67 to 62 on October 7, 2026.
Latest Updates · 4
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Update: Bitcoin BTC retreated to $82,914.32 on October 8, 2026, coinciding with digital-asset transfers linked to the U.S. government over a 32-hour period. These movements added to the selling pressure in a market already grappling with significant leveraged position liquidations.
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Update: Bitcoin ETF inflows have turned positive as the price stabilized around the $84,000 level on October 7, 2026. This shift in institutional fund flows provides a contrast to the wave of forced liquidations seen across trading platforms in recent hours.
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Update: Bitcoin prices stabilized near $84,055 in early trading on Wednesday, October 7, 2026, reclaiming ground above the $84,000 mark. In the altcoin market, Ether (ETH) was trading at $2,616, while XRP reached $1.47 on the same date.
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Update: Data indicates that the average cost basis for 2025 Bitcoin buyers is approximately $88,000, creating a technical resistance level. Meanwhile, the running average cost for U.S. spot ETFs remains near $82,300, serving as a critical support zone for institutional holders.