Bitcoin at $83,000: $771 million liquidated overnight

Tuesday, hangover. Bitcoin plunged towards $81,400 on Monday evening. Then it rose back to around $83,200 this morning, almost to its level the day before. Traders who bet on the rise with leverage therefore paid the bill. In total, $771 million in positions were liquidated in twenty-four hours.

Five days earlier, a comparable sequence had already taken in $460 million in one hour. This time, the signal came from Asia, where the Seoul Stock Exchange fell sharply on Tuesday morning.

Bitcoin at $81,400 then $83,200: the night of the longs

Let's resume the course of the night. According to The Block, bitcoin was worth $81,382 at 9:20 p.m. in New York on Monday (3:20 a.m. in Paris). It thus lost 2.8% in twenty-four hours. Ether fell by 4.6% and Zcash by more than 10%. CoinGlass, the liquidation tracker, counted $685.6 million in long positions out of a total of $771 million. A long is an upside bet, often amplified by borrowing. When the stake no longer covers the losses, the platform forcibly closes it.

Over the last twelve hours of this session, 631.8 million dollars had already jumped, including 600 million long ones. These public figures form a floor, because the databases miss part of the orders executed.

The immediate cause comes from Seoul. The Financial Times reports that Samsung and SK Hynix plunged after the Broadcom boss's comments. He actually spoke of a “casino” when it came to investments in AI. The Kospi lost 6.1% on Tuesday morning according to The Block. Bitcoin then followed.

This morning, it is trading at $83,160, up 0.3% over twenty-four hours. The crypto market’s fear and greed index has returned to the neutral zone, around 57.

Bitcoin ETF: $681 million in outflows, and Strategy buys above the price

US bitcoin ETFs lost $681.1 million last week. This is their worst record since the end of June, according to SoSoValue figures reported by The Block. Ether ETFs dropped 542 million. Strategy announced on Monday the purchase of 250 bitcoins for $21.5 million between October 5 and 11, at $86,194 on average. Its stock thus reached 848,250 BTC. The price paid exceeds the morning class by $3,000.

The macro decor doesn't help. Brent ended Monday at $106.65 according to the Wall Street Journal. However, Donald Trump announced an energy ceasefire between Russia and Ukraine. Kyiv, however, accuses Moscow of having already violated it. Furthermore, the dollar remains firm and US Treasury yields are near their highest in twenty years, according to Decrypt. Bitcoin therefore remains attached to stocks.

American CPI Wednesday: the rebound test

September inflation is released on Wednesday October 14 at 2:30 p.m. in Paris. The consensus is around 3.7% over one year for the overall index, compared to 3.4% in August. Excluding energy and food, the index is expected to be stable at 2.4%. The Cleveland Fed's real-time tracking targets 3.6%. However, these estimates are from the beginning of the month.

On the chart side, bitcoin stumbles below $83,300, the resistance (the price where sellers regain control) that analyst Vikram Subburaj of Giottus monitors. The first support is around $81,000. The average investor cost price, calculated by CryptoQuant, is $80,500.