TLDR
- Bitcoin dropped to $79,146 on Saturday, its lowest level in more than a month, before recovering to about $80,900.
- More than $810 million in crypto positions were liquidated in 24 hours, including about $689 million in longs.
- U.S. spot Bitcoin ETFs saw $635.6 million in net outflows on October 22.
- The Fed meets October 27-28, and U.S. midterm elections follow on November 3.
- Analyst Ted says Bitcoin could bottom near $74,000-$75,000 before a move to $90,000.
Bitcoin fell below $80,000 on Saturday, reaching a low of $79,146. That was its weakest level in more than a month and its first move under $80,000 since October 15.
The drop came during thin weekend trading. Bitcoin was down about 2.2% over 24 hours at one point, trading near $79,700. Ether, XRP and Solana fell between 3% and 4%.
Forced selling played a large part. Long liquidations reached $219 million within one hour, and over $200 million was wiped out in just 15 minutes, according to Bull Theory. Coinglass data shows more than $810 million in positions were liquidated over 24 hours, about $689 million of them bullish bets.
ETF flows added pressure. U.S. spot Bitcoin ETFs recorded about $635.6 million in net withdrawals on October 22, according to Wu Blockchain. BlackRock’s IBIT lost $254.1 million, and Fidelity’s FBTC lost $217.5 million.
Spot Bitcoin ETFs Recorded $635M in Net Outflows on October 22
On October 22 (ET), spot Bitcoin ETFs recorded total net outflows of $635M, led by BlackRock’s IBIT with $254M. Spot Ethereum ETFs recorded total net outflows of $111M, led by BlackRock’s ETHA with $75.45M. pic.twitter.com/Vj2TzNyR03
— Wu Blockchain (@WuBlockchain) October 23, 2026
Another $137.9 million left Bitcoin ETFs on Friday. Spot Ether ETFs also saw about $110.6 million in outflows on October 22.
Geopolitics and the Fed
Geopolitical news weighed on markets. The Wall Street Journal reported that the U.S. is evacuating personnel from embassies and military bases across the Middle East. The report cited intelligence that Iran is preparing attacks on Americans.
President Trump has also said the U.S. may carry out another round of strikes on Iran after the midterms. Brent crude is trading above $117, which has raised concerns about inflation.
Ash Crypto pointed out that the midterm elections are nine days away. He noted that Bitcoin has historically corrected after each U.S. midterm vote, and asked whether this time will differ.
We are just 9 days away from the US midterm elections.
History shows that after every U.S. midterm election, Bitcoin has experienced a correction.
Will this time be different? pic.twitter.com/2mtcaIjfdC
— Ash Crypto (@AshCrypto) October 25, 2026
The Federal Reserve meets October 27-28, and September inflation data on personal consumption expenditures follows on October 29. Traders are watching for signs on whether rates will stay unchanged or rise.
Where Bitcoin Could Go Next
Analyst Ted offered a more upbeat view. He said Bitcoin is closely following the pattern from the November 2022 bottom, including the consolidation, rally and pullback.
$BTC is exactly mimicking the fractal from the November 2022 bottom.
The consolidation, pump, and even correction are happening the exact way.
And here’s what’s interesting.
In the 16th week after 2022 bottom, BTC had a flash crash because of the US banking crisis.
We are… pic.twitter.com/PLbYO5cAST
— Ted (@TedPillows) October 24, 2026
In the 16th week after that bottom, Bitcoin saw a flash crash tied to the U.S. banking crisis. Ted said the market is approaching that same week now. If the pattern repeats, he expects a low around $74,000-$75,000 in the worst case, then a reversal toward $90,000.
On the charts, Bitcoin slipped below its 50-day moving average near $81,700. Traders are watching support near $78,400 and $77,876.
The Fear and Greed Index stood at 42, which is neutral. Bitcoin had recovered to $80,936 as of 00:53 ET on Sunday, close to $81,000.
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