BTC $83,903 
ETH $2,609 
USDT $0.9998 
BNB $771.91 
XRP $1.46 
USDC $0.9999 
SOL $118.17 
TRX $0.3331 
FIGR_HELOC $1.04
ZEC $1,319 Bitcoin slips toward $84,000 support as $80,000 comes into view
Bitcoin is holding above $86,000 while FxPro says a break below $84,000 could open the door to $80,000.
Key takeaways
- Support sits at $84,000. FxPro said a break below $84K would signal a victory for the bears.
- Longs took the hit. Longs made up $479.63M of the $549.52M liquidated across crypto in 24 hours, about 87%.
- Two catalysts are close. Minutes from the Fed's last meeting come out Wednesday, and the September CPI report lands on October 14.
What happened
Bitcoin traded just above $86,000 early Tuesday, down 0.2% over 24 hours. On Monday it pushed above $87,000 and ran into heavy selling for the third time since Sept. 23.
FxPro said bitcoin briefly slid to $85,200 before European trading opened. The coin is still near the top of the range it has traded in for the past two weeks, and its run of higher lows is under threat but has not broken yet, the firm said.
In altcoins, ZEC led the majors with a gain of nearly 2% to about $1,360, while DOGE was the laggard, down nearly 2%. SOL fell 1%, and ether, XRP and BNB each slipped less than 1%.
By October 7, Coinspeaker reported BTC near $84,150, down 1.62% in 24 hours, after a rally toward $87,000 stalled at resistance. The move followed $549.52M in liquidations across crypto over 24 hours, with 101,240 traders wiped out.
Why it matters
FxPro framed $84,000 as the dividing line. "A break below $84K would signal a victory for the bears," the firm said. A further fall through the recent low near $83,000 would confirm that shift and could send bitcoin to $80,000 fairly quickly, according to the firm.
Longs absorbed most of the damage at $479.63M, about 87% of the total. Bitcoin accounted for $142.62M, and $451.11M of the total came in the last 12 hours. Funding stayed slightly positive at 0.0017%, with open interest at $55.29B against $59.26B in 24-hour volume.
Macro gave some cover. U.S. Treasury yields fell from their highest since 2002 as oil slipped below $100 a barrel, and Treasury Secretary Scott Bessent said growth and spending restraint would "very quickly" start to slow government borrowing. Minutes from the Fed's last meeting come out Wednesday.
What the data shows
On the daily chart, bitcoin trades at $84,242, down 1.55%. It was rejected at the $87,145.5 resistance and has slipped back below $85,000. The next major support on the chart is $74,340.
Immediate supports sit at $84,500 and about $82,600. The bull case is that bitcoin retakes $84,500 to $85,000 and then clears $87,000, which would reopen $90,000 as an upside reference. The bear case is a sustained break below $84,500, exposing $82,500 to $82,600 and then $74,340.
What is still unclear
- Traders are weighing whether this is a routine dip or the start of a deeper break.
- Leverage has not fully cleared, so positioning may still be crowded.
- The forecast depends on whether buyers can defend $84,500.
Questions readers ask
Why did bitcoin drop toward $84,000?
The rally toward $87,000 stalled at resistance and turned into a derivatives flush. Coinspeaker reported $549.52M liquidated across crypto in 24 hours, with bitcoin accounting for $142.62M.
What happens if bitcoin breaks below $84,000?
FxPro said a break below $84K would signal a victory for the bears. A fall through the recent low near $83,000 would confirm the shift and could send bitcoin to $80,000 fairly quickly, the firm said.
Which bitcoin levels matter now?
Coinspeaker flagged $84,500 as the near-term support, with about $82,600 below it. On the daily chart, the next major support is $74,340, and $87,145.5 was the rejection point.
What events come next for bitcoin?
Minutes from the Fed's last meeting come out Wednesday. Coinspeaker listed the September Consumer Price Index report on October 14 as the next catalyst.
