Bitcoin Drops 3.9% to $80,940 as Tech Stocks Sell Off

Bitcoin fell back from the $85,000 level on Oct. 22 and lost 3.9% over 24 hours: Binance data show a 24-hour low of $80,940 and a high of $84,876. BTC traded near $81,300 as of 1:55 PM ET; the live price is on the daily brief.

Details

The attempt to break $85,000 was rejected. Cointelegraph reports that price stalled at a downward-sloping trend line near $84,840 and slid to about $81,500. Earnings from tech companies set the tone: Tesla reported third-quarter capital expenditure of $4.73 billion against an expected $7.96 billion, feeding doubts about the pace of AI spending. South Korea's KOSPI closed down 3.52%.

Investing.com points to a sell-off in technology stocks and crude oil at a five-month high amid Middle East tensions, which stokes inflation and interest-rate worries. Ether fell 3.6% to $2,408, Solana 2.5% and Cardano 4.8%.

Leveraged positions were hit as well. Citing Coinglass, Bitcoin.com reports $135M of BTC longs and $5M of BTC shorts liquidated over 24 hours; across the whole crypto market, $412M of longs and $43M of shorts. Cointelegraph notes open interest of $55.95B, which raises the risk of liquidation cascades.

What this means for the market

The move is tied to equities and macro rather than crypto-specific news, and bitcoin is still inside its range of the past month. Cointelegraph points to support at $80,000⁠–⁠$81,500, which coincides with the cost basis of US spot bitcoin ETFs. What comes next depends on sentiment in tech stocks and on oil.

For more on market conditions, see the Pulse section and the Bitcoin page.