Bitcoin Breaks Below $80K, Sparking Over $800 Million in Forced Closures

On October 24 Bitcoin slid to $79,146, testing the $80,000 level for the second time in ten days. The coin fell 2.3–2.5 % in 24 hours as thin weekend liquidity turned the breach into a cascade of liquidations.

More than $810 million in positions were wiped out, $689 million of them long bets, affecting over 200,000 traders according to Coinglass. The move also took Bitcoin beneath its 50-day moving average near $81,700–$81,800.

Gold advocate Peter Schiff quickly predicted the next stop at $75,000 and noted that holders of U.S. spot Bitcoin ETFs would be stuck until Monday. Those funds had already seen $635.6 million in outflows earlier in the week, including $254 million from BlackRock’s IBIT and $217.5 million from Fidelity’s FBTC, with another $138 million leaving on October 23.

Weak tech stocks and Brent crude above $117 amid Middle East tensions add to the strain ahead of the Fed’s October 27–28 meeting. The immediate test is whether buyers can reclaim $80,000 before ETF investors return on Monday.

Based on information from cryptonews.net