# Bitcoin drops over 3% to $83,000 after losing key support; $394 million liquidated in one hour — retained record

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source: [news](https://highsignal.app/data/news) (news:india-et-markets)  published 2026-10-07 11:36 ingested 2026-10-08 02:57

[original source ↗](https://economictimes.indiatimes.com/markets/cryptocurrency/crypto-news/bitcoin-drops-over-3-to-83000-after-losing-key-support-394-million-liquidated-in-one-hour/articleshow/134764936.cms)

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In the past 24 hours, Ethereum was down 5.19% to $2,575. Among the major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin and Cardano corrected up to 8.13%.
Nischal Shetty, Founder, WazirX said the crypto market is attempting to stabilize after a sharp leveraged sell-off and the fall triggered around $394 million in liquidations within one hour, including approximately $384 million in long positions.
Shetty further said that Bitcoin accounted for nearly $209 million of the liquidations, followed by Ethereum at $87 million, Solana at $27 million and XRP at $11 million. Across 24 hours, total market liquidations reached approximately $1.02 billion
The global crypto market capitalisation was down 2.84% to $2.84 trillion, according to the data on CoinMarketCap.
Minal Thukral, Executive VP-Growth & Crypto Business Head at CoinDCX said Bitcoin faced a significant upward pressure as the price plunged hard below $84,000 to $83,800 and the crypto fear and greed index is at 63, indicating the sentiments are still greedy.
Over the last week, Bitcoin was up 0.02% and Ethereum was down 4.06%. Among the major altcoins, BNB, Tron, Dogecoin corrected upto 5.81% whereas Hyperliquid and Cardano gained 3.77% and 2.55% respectively.
Riya Sehgal, Research Analyst, Delta Exchange said crypto markets have come under renewed selling pressure, with Bitcoin falling toward $84,000 and Ethereum declining to around $2,610 as macro uncertainty and a sharp derivatives unwind accelerated the downside.
Sehgal further said that according to CoinGlass, 104,793 traders were liquidated over the past 24 hours, with total crypto liquidations reaching approximately $554.83 million which suggests forced position closures amplified the decline once key technical support levels were breached.
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Market perspective
Prateek Gupta, Head of Business, Mudrex : Spot Bitcoin ETFs recorded $89.8 million in outflows Monday as inflows slowed sharply, breaking the momentum. However, on-chain signals remain supportive, with 40,000 BTC leaving Binance in two weeks, taking exchange reserves from 704,800 to 663,100 BTC.
CoinSwitch Markets Desk: The market continues to consolidate above the $84K support zone, while stronger inflows will likely be needed for a sustained breakout. Macro conditions are becoming increasingly important, with BTC’s correlation to the S&P 500 rising and elevated long-term Treasury yields still limiting risk appetite.
Avinash Shekhar, Co-Founder & CEO, Pi42: Bitcoin’s latest pullback highlights a market caught between improving structural momentum and persistent macro pressure. If BTC holds $85,000 and eventually converts $87,000 into support, the path toward $90,000 becomes considerably clearer.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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