Bitcoin (BTC) fell to about $84,164 on Wednesday, October 7, after buyers again failed to push the price past $87,000. The drop came as U.S. spot Bitcoin exchange-traded funds (ETFs) recorded fresh outflows, and leveraged traders betting on higher prices were forced out of their positions. Traders are also cutting risk ahead of the Federal Reserve’s meeting minutes, due later today.
Bitcoin Price Fails at $87,000 Again
According to CoinGecko, Bitcoin was trading at $84,164.72 at the time of writing, down 1.0% over 24 hours. The world’s largest cryptocurrency reached a session high of $86,648.14 on Tuesday evening before sliding sharply in early Asian trading hours on Wednesday to a low of $83,647.88. It has since recovered slightly to hold above $84,000.
The $87,000 level has capped every rally attempt since late September, and the price has moved within a range of roughly $83,000 to $87,000 for about two weeks. In the previous session, BTC held near $85,500 before the latest leg lower.
CoinGecko data puts Bitcoin’s market capitalization, the total value of all coins in circulation, at $1.694 trillion. Spot trading volume over 24 hours stands at $31.95 billion, and circulating supply is 20.095 million BTC out of a fixed maximum of 21 million.
Bitcoin now sits about 33% below its all-time high of $126,080, which it set on October 6, 2025, exactly one year and one day ago.
$546 Million Crypto Liquidations, Mostly Longs
A liquidation happens when an exchange forcibly closes a leveraged trading position because the trader’s collateral can no longer cover losses. A “long” is a bet that prices will rise, while a “short” is a bet that they will fall.
Data from CoinGlass shows $546.89 million in crypto liquidations over the past 24 hours, affecting 101,772 traders. Long positions accounted for $479.73 million, or about 88% of the total, while shorts made up $67.16 million.
The selling pressure was even more one-sided over the past 12 hours. Of the $454.17 million liquidated in that window, $432.19 million, or about 95%, came from long positions.
Bitcoin liquidations reached $142.87 million, including $129.07 million in longs and $13.80 million in shorts. Ethereum (ETH) led all assets with $174.93 million in liquidations. The largest single liquidation order was a $26.64 million ETHUSDC position on Binance.
Leverage in the market remains high. Perpetual futures open interest for Bitcoin stands at $69.29 billion. Perpetual futures are derivative contracts with no expiry date, and open interest measures the total value of contracts that remain open. A large open interest figure means sharp price moves in either direction can trigger further forced selling or buying.
Spot Bitcoin ETF Outflows Return
Institutional demand also cooled. Data from SoSoValue shows U.S. spot Bitcoin ETFs posted $89.9 million in net outflows on October 5. This followed about $293 million in combined inflows over the previous two trading sessions.
BlackRock’s iShares Bitcoin Trust (IBIT) was the only fund with a major inflow, adding $69.9 million. The ARK 21Shares Bitcoin ETF (ARKB) recorded the largest outflow at $85.2 million, followed by the Fidelity Wise Origin Bitcoin Fund (FBTC) at $74.5 million.
Total trading volume across the funds came to $2.18 billion, and cumulative net inflows since launch eased to $57.7 billion.
Spot Bitcoin ETF flows have often turned negative around Federal Reserve events. Around the September FOMC meeting, the funds saw $746 million in outflows.
Fed Minutes Are the Next Key Event
The FOMC is the Federal Reserve committee that sets U.S. interest rates. Its September meeting minutes are scheduled for release today at 2:00 p.m. ET. The minutes will show how much agreement there was among officials when the committee raised its target range by 25 basis points (0.25 percentage points) to 3.75% to 4.00% on September 16.
The next rate decision is due at the October 27 and 28 meeting. Higher interest rates tend to reduce demand for riskier assets such as Bitcoin, which is why traders are reducing exposure before the release.
Corporate buying continues in the background. CoinGecko lists total treasury holdings across public companies and other entities at 1,918,010 BTC, though recent corporate purchases have not been large enough to offset ETF redemptions and the latest wave of long liquidations.
Bitcoin Price Levels to Watch
On the downside, $84,000 is the first level to watch, followed by today’s session low of $83,647.88. A daily close below $83,300 would bring the lower end of the recent range, near the low $80,000s, back into focus.
On the upside, Bitcoin first needs to reclaim $86,700. A daily close above the $87,000 area on strong volume would be required before $90,000 becomes a realistic target.
Also Read: Santiment Challenges ADA Short-Squeeze Narrative as Open Interest Hits $304M
