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Bitcoin (BTC) traded at $79,464 on Saturday, October 24, marking its lowest level since September 18. The decline coincided with a sharp increase in forced selling, as more than $200 million in crypto positions were liquidated within a single hour. Traders holding long positions, which bet on price appreciation, accounted for $191.33 million of that hourly total.
Liquidation Data Shows Longs Absorbing Losses
The hourly liquidation wave was part of a broader 24-hour trend. Data from Coinglass indicates that $837.12 million in positions were liquidated over the past day, affecting 227,681 traders. Long positions made up 82.8% of this total, equating to $693.05 million in losses. Short sellers, who bet on price declines, lost $144.07 million during the same period.
Bitcoin led the liquidation tally with $232.55 million, followed by Ethereum (ETH) at $181.51 million. In both cases, long positions accounted for more than 93% of the respective liquidation volumes. Binance recorded the largest single liquidation event, an $11.85 million long position on the ETHUSDT trading pair.
Market Context and Key Levels
The total cryptocurrency market capitalization fell 4.06% over the past 24 hours to $2.72 trillion. This figure sits approximately 1% above the low of $2.69 trillion recorded on October 8, a level reached before market pressure eased following a pledge regarding Iran by President Donald Trump.
Altcoins experienced steeper declines than Bitcoin. Ethereum lost 4.71% to reach $2,288.73, its lowest point in about two months. Solana (SOL) dropped 5.20% to $98.92. Zcash (ZEC) posted the steepest decline among the top 10 cryptocurrencies, sliding 8.39% to $1,124.36.
According to Glassnode estimates, Bitcoin’s current price is below the average price paid by corporate treasuries holding the asset on their balance sheets. This means the average corporate treasury position is currently at a loss.
Analyst Benjamin Cowen stated that a weekly close below $83,000 on October 25 would support a bearish market path. He noted that this scenario becomes void if Bitcoin climbs back above $83,000 and holds that level. Market analysis identifies $77,876 as the next significant downside level, with a support zone located between $76,700 and $72,500.
Ted (@TedPillows) observed on X that Bitcoin and Ethereum are selling off during an illiquid weekend, questioning if the market is front-running upcoming events. The Federal Reserve is scheduled to meet on October 27 and 28, while September Personal Consumption Expenditures (PCE) inflation data will be released on October 29. Brent crude oil settled at $116.72 on Friday, a price point that could contribute to elevated inflation expectations.
Frequently Asked Questions
How much in crypto positions were liquidated in the last 24 hours?
Data from Coinglass shows that $837.12 million in positions were liquidated over the past 24 hours, hitting 227,681 traders.
What is the next support level for Bitcoin according to market analysis?
Market analysis flags $77,876 as the next downside level, with a support zone situated between $76,700 and $72,500.
