TL;DR:
- Price Contraction: Bitcoin recorded a 2.67% decline over the past 24 hours, hovering around $81,125 on October 8, 2026.
- Institutional Outflows: Spot Bitcoin ETFs registered net outflows of $484.9 million on October 7, 2026, marking their steepest daily pullback since June.
- Derivatives Liquidations: Derivatives platforms liquidated $429 million over the past 24 hours, with long positions accounting for 87.5% of the total.
The price of Bitcoin dropped to intraday lows near $81,125 this Thursday, October 8, a retreat that wiped out at least half of the gains accumulated by the flagship cryptocurrency throughout September.
This correction halts the positive momentum traditionally expected during October’s seasonal cycle. The intraday decline broke through the $82,776.30 support level identified in the previous session, leaving the asset trading 5.6% below its peak of $87,354.33 recorded on September 21.
Macroeconomic Pressure and ETF Outflows
The international macroeconomic backdrop injected direct volatility into financial markets throughout the session. Brent crude traded near $100 per barrel following logistical tensions in the Strait of Hormuz, while the yield on 30-year U.S. Treasuries reached levels not seen since 2002.
Compounding these factors was the release of the Federal Reserve meeting minutes. According to the central bank’s official report, most committee members foresee an additional interest rate hike before the current year concludes.
Selling pressure quickly spilled into institutional investment vehicles. According to flow tracking data, spot Bitcoin ETFs posted outflows of $484.9 million during the October 7 session.
This divestment erased nearly 81% of the capital accumulated by these products over the previous nine trading sessions. Nevertheless, cumulative net inflows into these funds maintain an overall balance of $57.8 billion.
In the derivatives market, leverage accelerated the pace of the downturn. Figures from analytics firm CoinGlass indicate that forced liquidations reached $429 million within 24 hours. Of the reported total, long positions accounted for $375.37 million, representing 87.5% of all contracts forcefully closed by exchanges.
Liquidations tied to BTC contracts made up $135.51 million, while Ethereum logged $96.14 million. Nearly half of these aggregate liquidations—approximately $202.24 million—were concentrated within a single four-hour window.
Technical Indicators and Support Levels Under Review
On daily chart timeframes, the Relative Strength Index (RSI) dropped to 45.8 points after printing 52.5 in the previous session. According to TradingView technical data cited in the report, this reading pushes momentum below the neutral 50-point threshold.
Meanwhile, the Average Directional Index (ADX) registered 40.7 points, showing a slight easing from 42.8 previously, though the positive directional indicator (+DI) preserves a narrow advantage over the negative indicator (-DI).
The 50-day Exponential Moving Average (EMA) continues to trend above the 200-day EMA on the daily scale. This technical posture formally preserves the long-term golden cross, even as the spot price nears the 200-day EMA on intraday charts.
Market technical data indicates that a sustained daily close below $82,626.41 could confirm an extended corrective phase. According to this technical analysis, the next operational area of interest sits within the Fibonacci retracement pocket between $81,165.95 and $79,705.49, where the upper boundary of the daily band converges near $79,661.95.
Market participants now turn their focus to the Federal Reserve monetary policy meeting scheduled for October 27–28, 2026.
Be the first to comment