Bitcoin

Ethereum

<h2 id="header-0">Key Facts</h2>
<ul>
 <li>Bitcoin fell to about $80,400 last week, forcing out recently opened long positions between $80,000 and $82,000, as spot Bitcoin ETFs recorded a $485 million outflow on Oct. 7, their largest since June.</li>
 <li>The drop came as 10-year and 30-year Treasury yields held near 24-year highs, oil rose above $100, and the September FOMC minutes showed that most US Federal Reserve officials see another rate hike as likely appropriate by year-end.</li>
 <li>Traders see the $87,000 to $90,000 range as the level bulls need to break to revive a $100,000 year-end target, and the US Consumer Price Index release on Oct. 14 is next.</li>
</ul>
Crypto markets hit an iceberg last week, and Bitcoin (<a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/bitcoin/">BTC</a>), Ether (<a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/currencies/ethereum/">ETH</a>), and several large-cap altcoins took on water. Investors’ higher-for-longer inflation worries were back on the table as the main dish, accompanied by sides of bond yields at 24-year highs, $100 oil, and Federal Reserve FOMC minutes showing most participants anticipate another interest rate hike by year-end.
US stocks also sold off throughout the week as investors watched Treasury yields rise despite an impressive 10-year and 30-year auction on Oct. 7 and Oct. 8. Oil surged above $100 after US President Donald Trump flip-flopped on carrying out a “massive bombing” in Iran before the mid-term elections, with the goal of lowering oil prices.&nbsp;
In this case, all roads lead back to inflation as the energy price shock gradually seeps into goods and services, and concerns about US fiscal policy play a role in pushing up the long end of the yield curve.&nbsp;
Speaking to CNBC, Baird investment strategist Ross Mayfield <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.cnbc.com/2026/10/07/stock-market-today-live-updates-.html">said</a>,&nbsp;
<blockquote>
 “At the end of the day, I think it’s inflation pressures, primarily driven by energy, that have shifted the Fed’s disposition and have in a lot of ways shifted the long end of the curve as well.”&nbsp;
</blockquote>
Commenting on the September FOMC minutes, KPMG chief economist Diane Swonk <a target="_blank" rel="noopener noreferrer nofollow" href="https://x.com/DianeSwonk/status/2107908781212405860?s=20">said</a>,
<blockquote>
 “All participants backed the move, and most see another hike as likely appropriate by year-end. The case was mainly risk management. Inflation has run above 2% for more than five years, risks are tilted to the upside, and several officials said policy had been barely restrictive. AI was framed as adding to inflation now, through investment demand, skilled wages and higher yields, with productivity gains not showing up until later.”&nbsp;
</blockquote>
<h2 id="header-1">Why Are Bitcoin Longs Unwinding?</h2>
Several headwinds pressured Bitcoin's price throughout the week. On Oct. 7, the spot Bitcoin ETFs saw a $485 million outflow, the largest since June. US government-tagged wallets shifted roughly 4,000 BTC to Coinbase Prime, raising concerns that the US may become a seller rather than a Strategic Bitcoin Reserve builder.&nbsp;
Furthermore, a stepback in spot volumes and the Oct. 4 increase in traders’ profit-taking at prices above $85,000 show traders taking their feet off the gas ever so slightly.&nbsp;<img src="https://academy-public.coinmarketcap.com/optimized-uploads/05a98c6b6353413e8266e9d2d6c42a67.png">
Bitcoin short-term profit taking spiked. Source: Glassnode
BTC’s aggregate open interest fell throughout the week amid a positive (+0.08) funding rate, suggesting longs were being forced out of leveraged positions. Technical traders also noticed Bitcoin's price fell below the 20-day moving average to test the 50-day MA, which on Oct. 8 aligned with the 61.8% Fibonacci retracement level.&nbsp;
Earlier in the week, <a target="_blank" rel="noopener noreferrer nofollow" href="https://coinmarketcap.com/academy/article/is-uptober-over-bitcoin-bond-yields">this article referenced</a> the importance of bulls defending the $80,000 level as support given liquidation heatmap data showed nearly $2 billion in potential long liquidations between $80,000 and $80,500.&nbsp;<img src="https://academy-public.coinmarketcap.com/optimized-uploads/1d92dc94f39d4d3ca65edc6fd30d22c6.png">
BTC/USD liquidation heatmap, 1-month lookback. Source: Hyblock
Despite the shifting mood and price following the turn in sentiment, Bitcoin is still sandwiched between well-defined blocks of leveraged bid and ask liquidity.&nbsp;
On the upside, $87,000 to $90,000 is the clear target bulls need to break in order to restore the hopes of $100,000 by year-end. On the downside, the $82,000 to $80,000 range represents the most recently opened long positions which were closed during this week’s sell-off to $80,400.&nbsp;&nbsp;
Below that are blocks of long positions built up over the run up from $64,000 to $87,000, with $79,000 to $73,000 being the most immediate. For the time being, absorption of the downside liquidity seems unlikely to change the consensus view that a new bull market is in its earliest phase.&nbsp;
<h2 id="header-2">What to Watch Next in Crypto Markets</h2>
<ul>
 <li>Sellers are building thickening ask walls above Bitcoin’s recent range highs. Do these concretize as resistance as open interest, spot volumes and ETF inflows taper off, or do they become fuel for higher prices if capital flows resume in the near future?&nbsp;</li>
 <li>Oct.14: US Consumer Price Index (CPI) is released. Will markets turn risk-off ahead of the print?&nbsp;</li>
</ul>

Bitcoin Price Risks Tumble Below $80K: Can Bulls Still Reach $100K?

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