Bitcoin
Bitcoin Rebounds Above Eighty Thousand Dollars Following Mass Long Liquidations
A sudden drop below $80,000 cleared hundreds of millions in leveraged positions before Bitcoin recovered toward $82,000.
Bitcoin briefly dropped to an intraday low of $79,806 before rebounding to trade near $82,159 on October 16, marking a 1.5% gain over 24 hours and an 8.4% rise over 30 days. The digital currency remains 34.8% below its peak of $126,080 reached on October 6, 2025.
The breach of the $80,000 threshold triggered widespread liquidations across derivative markets. CoinGlass registered approximately $972 million in wiped-out positions within 24 hours, with long contracts accounting for 91.7% of the total forced closures. Macroeconomic headwinds contributed to the downturn, including US inflation climbing to 3.7% in September and an 8% single-day drop in South Korea's KOSPI index.
Glassnode data shows the $79,806 low occurred between two critical on-chain benchmarks: the $81,500 average cost basis for spot ETF investors and the $78,000 True Market Mean. In an automated evaluation of market conditions, Anthropic's Claude AI model estimated a 40% probability that the October 15 dip represents a definitive cycle bottom, citing ongoing macroeconomic pressures despite the leverage flush.
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