Bitcoin Dip to $80,300 Triggers $1.1 Billion Liquidations as Short-Term Holders Rush to Exchanges

A sharp slide in bitcoin and altcoins wiped out about $1.10 billion in leveraged positions over 24 hours ending on Friday, according to CoinGlass. It is the biggest daily total since Aug. 21, when a rally from $73,000 to $79,500 burned shorts for $1.3 billion. This time the pain fell on bulls, with longs making up roughly $1.05 billion of the damage. Bitcoin hit $80,350 on Blockto, its weakest point since Sept. 18, before climbing back to around $82,500.

Short-Term Holders Sell at a Loss

More than 55,000 BTC was sent to exchanges at a loss by short-term holders on Thursday, a sign that recent buyers lost patience as prices fell. The move came after reports that the US government shifted over 12,000 seized BTC in one transaction, a type of transfer that often stirs fears of coming sales.

Key Support and Breakdown Risk

The $82,500 zone has been an important level during the uptrend since early July and marks the breakout point of an inverse head-and-shoulders pattern. Bitcoin needs to hold it as support to confirm a bullish reversal.