$BTC Drops 4% From $86.5K — Is the $82K Zone Ready for a Rebound?
As expected, Bitcoin followed the projected scenario closely and started to decline from near the key $86,500 trading level, losing more than 4% so far.
The sell-off also triggered roughly $550M in crypto liquidations over the past 24 hours, with Long Positions taking the majority of the losses.
At the same time, another development caught the market’s attention.
On October 7, U.S. government-linked wallets transferred approximately 833.6 BTC worth $71.6M to Coinbase Prime.
This may raise concerns about potential selling pressure, but an exchange transfer does not confirm that the Bitcoin was sold. The associated government-linked addresses reportedly still hold approximately 324,000 BTC.
What Comes Next?
From a technical perspective, Bitcoin is now approaching the important Support Zone at $81,950–$82,960.
After a 4%+ decline, I expect this area to potentially generate a positive reaction and short-term recovery.
However, the strength of that reaction will be important. Failure to defend this Support Zone could open the door for another bearish leg.
The decline from $86,500 played out successfully — now the focus shifts to whether buyers can defend the $82K area.
What happens first?
🟢 Rebound from $81,950–$82,960
🔴 Support breaks and the correction continues
#bitcoin
As expected, Bitcoin followed the projected scenario closely and started to decline from near the key $86,500 trading level, losing more than 4% so far.
The sell-off also triggered roughly $550M in crypto liquidations over the past 24 hours, with Long Positions taking the majority of the losses.
At the same time, another development caught the market’s attention.
On October 7, U.S. government-linked wallets transferred approximately 833.6 BTC worth $71.6M to Coinbase Prime.
This may raise concerns about potential selling pressure, but an exchange transfer does not confirm that the Bitcoin was sold. The associated government-linked addresses reportedly still hold approximately 324,000 BTC.
What Comes Next?
From a technical perspective, Bitcoin is now approaching the important Support Zone at $81,950–$82,960.
After a 4%+ decline, I expect this area to potentially generate a positive reaction and short-term recovery.
However, the strength of that reaction will be important. Failure to defend this Support Zone could open the door for another bearish leg.
The decline from $86,500 played out successfully — now the focus shifts to whether buyers can defend the $82K area.
What happens first?
🟢 Rebound from $81,950–$82,960
🔴 Support breaks and the correction continues
#bitcoin
