Bitcoin Price Trades Near $80K as Schiff Sees $75K as Next Level

TLDR:

• Bitcoin price fell below $80,000, with reported lows from $79,146 to $79,263, while CoinGlass recorded $239.65 million in BTC liquidations and $820.78 million market-wide.
• Longs accounted for $223 million, or 93.1%, of Bitcoin liquidations and $686.93 million of crypto-wide closures as leveraged positions unwound.
• U.S. spot Bitcoin ETFs lost $635.5 million Thursday and $137.9 million Friday; BlackRock’s IBIT and Fidelity’s FBTC led Thursday’s outflows.
• Schiff flagged $75,000 as the next level, but that price remains about $1,019 above Strategy’s reported $73,981 average cost per bitcoin, while ETF investors wait until Monday to trade.

Bitcoin price fell below $80,000 on Saturday, extending a volatile decline that pushed the market into support. Reported intraday lows ranged from $79,146 to $79,263, while a later price reading showed BTC near $80,300. Peter Schiff said $75,000 could become the next significant level if buyers fail to defend support. 

At the same time, leveraged liquidations accelerated the selloff, with long positions accounting for most crypto-wide forced closures. U.S. spot Bitcoin ETFs had also posted two consecutive days of outflows. ETF investors cannot sell U.S.-listed shares over the weekend, even as Bitcoin trades, and must wait until Monday to respond.

Bitcoin (BTC) Price

Bitcoin Price Breaks $80K as Long Liquidations Accelerate

CoinGlass recorded $239.65 million in Bitcoin liquidations over 24 hours. Long positions made up $234 million, or 93.1%, while shorts accounted for $16.65 million. Across crypto, liquidations reached $727.78 million, and 196,033 traders were forced out. Longs represented $686.93 million, or 83.7%, of the market-wide total. Figures show traders were positioned for gains before Bitcoin broke lower. Forced closures then added sell orders as BTC slipped through the 81,000-to-80,000 range.

Bitcoin fell below its 50-day simple moving average near $81,700 to $81,800. That level had held for about two months. Near-term supports sit near $78,400 and $77,876. A wider support zone runs from $76,700 to $72,500, placing $75,000 inside that lower band.

ETF flows offered another headwind. U.S. spot Bitcoin funds lost about $635.5 million on Thursday, Oct. 22, their largest daily outflow since June 25. BlackRock’s IBIT accounted for $254.1 million, while Fidelity’s FBTC lost $217.5 million. Funds shed another $137.9 million Friday, Oct. 23, after three sessions of inflows above $1 billion. That run included $528.4 million on Oct. 21. That further weakened institutional demand.

Source: Coinglass

The reversal pulled Bitcoin toward $81,668 Friday before the weekend break. ETF shareholders could not trade those shares on Saturday or Sunday, even as Bitcoin continued moving. They could respond when U.S. markets reopened Monday.

Technology stocks and energy prices also weighed on risk appetite. The Nasdaq Composite fell 2.6% Thursday, its steepest daily drop since June 5. Investors questioned whether large technology companies could maintain artificial intelligence spending. Brent crude climbed above $117 amid Middle East tensions, renewing inflation concerns before the Federal Reserve’s Oct. 27-28 meeting.

Arthur Hayes said he closed Maelstrom’s directional book and took profits on ETH, ENA, and UNI. He cited macro and geopolitical uncertainty.

Bitcoin Price Faces $75K Test as Schiff Warns ETF Holders

Schiff, Euro Pacific Capital’s chief executive and chief global strategist, argued that Bitcoin had finally broken down. The longtime Bitcoin critic said $75,000 was likely the next stop if prices stayed below $80,000. He said failure at $75,000 would make the weekend difficult for ETF investors. They cannot trade before Monday.

Schiff’s message underscored the difference between Bitcoin and ETF shares. Bitcoin trades continuously, but U.S.-listed funds trade on stock-market schedules. ETF shareholders therefore cannot adjust their positions during a weekend selloff. They can only react when trading resumes.

Schiff also said a $75,000 Bitcoin price could erase Strategy’s paper gains. The company’s reported average cost basis complicates that claim. Strategy holds more than 640,000 BTC at an average cost of $73,981. At $75,000, Bitcoin price would remain about $1,019 above that basis per coin, before other considerations. The decline would narrow the paper-gain buffer, but would not erase it on a simple average-cost comparison.

He has also warned Strategy’s premium could become a discount and criticized its share dilution.

Traders are watching whether Bitcoin reclaims $80,000 and retakes its 50-day average. If support fails, Schiff’s $75,000 call sits between nearby levels at $77,876 and $72,500. The Federal Reserve’s rate decision is scheduled for Oct. 28, after its two-day meeting begins Oct. 27.

The post Bitcoin Price Trades Near $80K as Schiff Sees $75K as Next Level appeared first on Blockonomi.