Sellers have pushed Bitcoin below USD 84,000 following another unsuccessful attempt to reach USD 87,000, bringing its current trading price to approximately USD 82,922. The broader cryptocurrency market has tracked Bitcoin downward, with steeper losses hitting Ethereum, XRP, and Zcash.
Risk assets remain pressured by Treasury yields hovering near multi-decade highs and Brent crude trading close to USD 102. Market participants are now looking ahead to upcoming inflation figures and the next directives from the Federal Reserve.
Bitcoin Price Today
As reported by CoinGecko, Bitcoin changes hands at USD 82,922.10, marking a 2.4-hour decrease of 1.8%. The asset maintains a market capitalization close to USD 1.67 trillion alongside a 24-hour trading volume near USD 37.77 billion.
Insights gathered from prominent crypto trading desks comprise today’s Daily Quote roundup.
Mudrex: Large Holders Accumulate Near Support
Prateek Gupta, Head of Business at Mudrex, noted that Bitcoin failed to clear USD 87,000 once more and subsequently dropped under USD 84,000. Since October 1, large holders have accumulated more than 14,000 BTC. Support is established at USD 82,000, with resistance remaining at USD 85,000.
CoinSwitch: Macro Pressure Drives the Next Move
The CoinSwitch Markets Desk attributed the downturn to macroeconomic factors, pointing out that the 10-year Treasury yield has reached its highest point since 2002. Financial conditions have tightened further due to a stronger dollar and Brent crude staying near USD 102. A decline in yields could propel Bitcoin back toward USD 86,500.
WazirX: Key Levels for Bitcoin and Ethereum
Nischal Shetty, Founder of WazirX, identified Bitcoin’s support zone between USD 82,000 and USD 83,000, warning that a decisive breach could draw attention toward USD 80,000. Meanwhile, Ethereum support is found near USD 2,550, with resistance mapped between USD 2,625 and USD 2,650.
Also Read: Bitcoin vs Federal Reserve: How Monetary Policy Shapes BTC
Delta Exchange: Demand Zone Faces a Test
According to Riya Sehgal, a Research Analyst at Delta Exchange, Bitcoin is currently testing its demand zone between USD 82,500 and USD 83,500. While dropping below this range could expose USD 81,500, a recovery above USD 84,000 would indicate market stabilization.
Crypto Prices Today: Top 12 Coins at a Glance
Biggest Gainers and Losers Today
Leading the advancers, TRON registered a 0.7% increase, followed by BNB up 0.1%. On the downside, Zcash recorded the steepest decline at 6.2%, while XRP dropped 4.4%, Hyperliquid fell 4.2%, and Dogecoin decreased by 3.2%.
Crypto News Today: Top Headlines Impacting Prices
Fed Minutes and Surging Yields Keep Risk Appetite Low
Inflation concerns are amplified as the 10-year Treasury yield climbed to levels not seen since 2002, and the 30-year yield touched a 24-year peak. Brent crude also hovered near USD 102 amid persistent Middle East supply risks.
Although Federal Reserve minutes expressed caution regarding inflation, data from the CME FedWatch tool indicates roughly a 20% probability of an October rate hike. Traders are now focusing on the September Consumer Price Index (CPI) report scheduled for October 14, which could shape broader policy expectations and investor risk sentiment.
Long Liquidations Top USD 500M
Trading desks noted more than USD 500 million in liquidations over a 24-hour window, with long positions absorbing the majority of the losses. Bitcoin broke below USD 84,000 initially, prompting altcoins to decline at a faster rate as leveraged stop-loss orders were triggered across various platforms.
Data from CoinMarketCap places derivatives open interest at approximately USD 423.84 billion, indicating that market leverage remains elevated. Additional downward movement near USD 82,000 risks setting off another wave of forced liquidations, particularly if Treasury yields resume their climb.
Crypto ETFs Record USD 213.4M in Outflows
WazirX reported that cryptocurrency exchange-traded funds suffered net outflows of approximately USD 213.4 million on October 7. This followed a divided session on October 6, during which Bitcoin funds attracted USD 118.8 million.
Conversely, BitDelta India data showed that Ether funds shed USD 201.9 million during that same session. Sluggish fund demand has consistently limited rallies toward USD 87,000, underscoring institutional flows as a vital market indicator.
Evernorth XRPN Nasdaq Debut Slips to October 12
The upcoming Nasdaq listing under the ticker symbol XRPN, resulting from Evernorth Holdings merging with Armada Acquisition Corp. II, has been postponed. The merger completion date shifted from October 7 to October 9, pushing the market debut back accordingly.
Trading is now anticipated to begin on October 12. The entity maintains a reserve of roughly 473 million XRP, while the token itself trades down 4.4% near USD 1.41, effectively removing a near-term catalyst traders had anticipated for October 8.
Hill Presses for CLARITY Act as Regulator Seats Stay Vacant
House Financial Services Chair French Hill remarked that current actions by the SEC and CFTC are insufficient substitutes for permanent legislation. He continues to advocate for Senate passage of the CLARITY Act during the lame-duck session following the November elections.
Following the elections, the Senate has only 22 working days remaining, while seven commissioner positions across both regulatory bodies remain unfilled. A lack of prompt regulatory clarity could temper institutional participation, placing a cap on upside potential for major digital assets.
Also Read: The Technology Behind Institutional Crypto Settlement
Investor and Market Outlook
Bitcoin is currently evaluating support levels between USD 82,000 and USD 83,000, with USD 87,000 acting as a solid ceiling. A daily close beneath this support range could clear a path toward USD 80,000. Market direction will largely be dictated by ETF outflows, Treasury yields, and the September CPI release on October 14. Market participants are advised to consider staggered entries, conservative position sizing, and minimal leverage.
FAQs
1.What is the Bitcoin price today?
According to CoinGecko, Bitcoin trades at USD 82,922.10, reflecting a 1.8% decline over the past 24 hours. Its market capitalization sits near USD 1.67 trillion, with a 24-hour trading volume of approximately USD 37.77 billion.
2.Why is crypto down today?
Market risk appetite diminished due to Treasury yields sitting near multi-decade highs, Brent crude trading close to USD 102, and cautious tone within Fed meeting minutes. Subsequently, long liquidations exceeding USD 500 million accelerated losses across leading digital assets.
3.Which coins fell the most today?
Among the top 12 cryptocurrencies, Zcash led losses with a 6.2% drop, followed by XRP down 4.4%, Hyperliquid down 4.2%, and Dogecoin lower by 3.2%. Meanwhile, TRON rose 0.7%, BNB gained 0.1%, and Tether alongside USDC remained unchanged.
4.Are crypto ETFs still seeing inflows?
No, capital flows have turned negative. WazirX reported approximately USD 213.4 million in net outflows from crypto ETFs on October 7, following an earlier session on October 6 where BitDelta noted Ether funds experienced USD 201.9 million in withdrawals.
5.What should investors watch this week?
Key areas to monitor include Bitcoin support levels from USD 82,000 to USD 83,000, Treasury yield movements, ETF flow trends, and the September CPI data release on October 14. These factors will likely determine whether Bitcoin reclaims USD 84,000 or tests support at USD 80,000.
