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BTC's decline accelerates, finally breaking below 81K
Erasing the long-weekend rally entirely
□━━━━━━━━━━━━━━■
BTC plunged as low as $80,985📉
Down about $3,355 from the October 12 high of $84,340, it has completely erased the gains built up over the long weekend.
At this level, the next focus is the October 9 low of $80,345.
🔶A closer look at the sell-off🔶
On Coinglass's 1-hour chart:
🔹Futures CVD: approximately −$19.11B
🔹Spot CVD: approximately −$765.0M
🔹OI: approximately $50.77B
🔹Funding: still in positive territory
CVD has deteriorated in both futures and spot markets.
OI has also dropped sharply, suggesting that long positions are being unwound in addition to the selling pressure.
The fact that selling is also coming from the spot market—not just a futures-led decline—is a cause for concern.
🔶Key price levels🔶
🔴 $82,000–$82,400
Zone to watch for selling on a rebound
🟡 $80,985
Recent low in this move
🔵 $80,345
October 9 low and next key inflection point
If $80,345 is decisively broken, the battle around the key $80K level will become even more important.
On the other hand, since OI is also falling alongside the sharp drop, be alert for a sudden rebound driven by short covering.
🔶Summary🔶
The short- and medium-term outlook both favor further downside.
However, this is a situation where chasing new shorts near the lows calls for caution.
If looking to sell a rebound, wait until the bounce has run its course and starts to turn down.
What matters is not just “how far it will fall,” but whether spot selling stops around $80,345.
Even if prices rebound, we think the structure will likely continue to favor selling into strength unless CVD improves as well.
FX has also been moving lower since this morning, so it's worth keeping an eye on that too.
*Figures are from a screenshot taken on the morning of October 13.
*Please make investment decisions at your own risk.
$BTC #FX #Trading
BTC's decline accelerates, finally breaking below 81K
Erasing the long-weekend rally entirely
□━━━━━━━━━━━━━━■
BTC plunged as low as $80,985📉
Down about $3,355 from the October 12 high of $84,340, it has completely erased the gains built up over the long weekend.
At this level, the next focus is the October 9 low of $80,345.
🔶A closer look at the sell-off🔶
On Coinglass's 1-hour chart:
🔹Futures CVD: approximately −$19.11B
🔹Spot CVD: approximately −$765.0M
🔹OI: approximately $50.77B
🔹Funding: still in positive territory
CVD has deteriorated in both futures and spot markets.
OI has also dropped sharply, suggesting that long positions are being unwound in addition to the selling pressure.
The fact that selling is also coming from the spot market—not just a futures-led decline—is a cause for concern.
🔶Key price levels🔶
🔴 $82,000–$82,400
Zone to watch for selling on a rebound
🟡 $80,985
Recent low in this move
🔵 $80,345
October 9 low and next key inflection point
If $80,345 is decisively broken, the battle around the key $80K level will become even more important.
On the other hand, since OI is also falling alongside the sharp drop, be alert for a sudden rebound driven by short covering.
🔶Summary🔶
The short- and medium-term outlook both favor further downside.
However, this is a situation where chasing new shorts near the lows calls for caution.
If looking to sell a rebound, wait until the bounce has run its course and starts to turn down.
What matters is not just “how far it will fall,” but whether spot selling stops around $80,345.
Even if prices rebound, we think the structure will likely continue to favor selling into strength unless CVD improves as well.
FX has also been moving lower since this morning, so it's worth keeping an eye on that too.
*Figures are from a screenshot taken on the morning of October 13.
*Please make investment decisions at your own risk.
$BTC #FX #Trading