On October 6, $BTC briefly dipped below $84,000. According to CoinGlass data, in the past 24 hours the total liquidations across the market amounted to $555.6 million, of which longs accounted for $487.2 million—meaning nearly 90% of long positions were swept.
What’s truly worth writing here isn’t just the numbers, but the timing: the market had barely recovered from the previous round of deleveraging before leverage was rebuilt almost immediately. $BTC dropped about $2,000 in an extremely short time. This kind of speed is usually triggered by forced-liquidation cascades rather than spot selling—falling this fast is itself evidence that positions were too heavily leveraged.
My take: this round looks more like “washing out leverage,” not a “turn to bearish.” Price is still trapped in the range from these past few weeks. The issue is that leverage rebounds faster than price. As long as this structure doesn’t change, the next similarly sudden wick will likely come too.
Are you adding leverage and shorting, or are you just staying flat with spot?
#BitcoinFallsBelow$84,000
What’s truly worth writing here isn’t just the numbers, but the timing: the market had barely recovered from the previous round of deleveraging before leverage was rebuilt almost immediately. $BTC dropped about $2,000 in an extremely short time. This kind of speed is usually triggered by forced-liquidation cascades rather than spot selling—falling this fast is itself evidence that positions were too heavily leveraged.
My take: this round looks more like “washing out leverage,” not a “turn to bearish.” Price is still trapped in the range from these past few weeks. The issue is that leverage rebounds faster than price. As long as this structure doesn’t change, the next similarly sudden wick will likely come too.
Are you adding leverage and shorting, or are you just staying flat with spot?
#BitcoinFallsBelow$84,000