Coinbase’s 24-hour range was $83,551 to $86,698. Kraken’s spot feed also showed a 24-hour low of $83,555, confirming the break below $84,000 on a second venue.
The plunge put bitcoin near the bottom of its recent range. Coinbase’s seven completed UTC daily sessions, from Sept. 30 through Oct. 6, spanned $82,912 to $87,249.
Long Positions Bear the Brunt
Coinalyze’s bitcoin liquidation dashboard showed $83 million in long liquidations over 24 hours, compared with $8.4 million in shorts. Those figures cover bitcoin contracts tracked by the service, rather than the entire crypto market. Coinalyze also cautions that its Binance liquidation feed is incomplete.
An all-crypto long-liquidation total for the short burst of selling could not be independently confirmed.
Liquidations can amplify a decline by forcing bullish positions to close when their collateral falls below maintenance requirements. Hyperliquid’s rules, for example, call for market orders to close positions when that threshold is breached, adding sell orders when longs are liquidated. That mechanism does not identify the trigger for this sell-off.
Despite the liquidations, Coinalyze’s open-interest dashboard showed $27.9 billion in outstanding bitcoin derivatives, up about 1% over 24 hours.
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