Bitcoin wipes out October gains and braces for range-bound trading ahead of CPI

Bitcoin slid below $83,000 on Wednesday, erasing nearly all of its October advance and posting a 3 % daily loss. The intraday low of $82,734 marked the weakest level since late September.

The drop followed a failed breakout attempt above the $85,000–$86,500 cluster and the yearly open at $87,722. Long liquidations surged to roughly $175 million on Bitcoin alone, pushing total crypto futures liquidations past $693 million.

Bitfinex data showed open interest holding steady while funding rates stayed mildly positive, indicating a shift toward net-short positioning among traders.

The firm expects the price to oscillate between $81,300 and $86,500 until the October 14 CPI release. As long as support at $81,300 holds, renewed spot buying could trigger a squeeze on the newly opened shorts.

Based on information from cryptonews.net