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Bitcoin recovered toward USD 82,500 on October 9 after falling to USD 80,350 on Bitstamp, as a crypto sell-off triggered approximately USD 1.09 billion in liquidations. Short-term holders also transferred 55,600 BTC to exchanges at a loss on October 8. The rebound followed President Donald Trump’s statement ruling out U.S. strikes against Iran ahead of November 3 midterm elections.
Bitcoin’s decline took it to its lowest level since September 18 before buyers pushed the price back toward USD 82,500. Despite the recovery, BTC remained approximately 4% below its level a week earlier, while Ether lost around 9% over the same period.
According to CoinGlass data, crypto liquidations reached approximately USD 1.09 billion over the 24 hours ending at 10 a.m. UTC on Friday. Positions betting on higher prices accounted for most of the forced closures as Bitcoin and other major cryptocurrencies fell.
Liquidations occur when traders no longer have enough collateral to maintain leveraged positions. Exchanges close those trades automatically, adding forced selling during a decline. The losses extended across the market rather than remaining confined to Bitcoin.
CryptoQuant contributor Amr Taha reported that short-term holders sent 55,600 BTC to exchanges at a loss on Thursday. The measure tracks coins transferred at prices below those recorded during their previous movement.
The total exceeded the loss-related transfers recorded on June 26, when Bitcoin traded around USD 59,300. This time, Bitcoin remained above USD 81,000 during the activity, showing that newer holders moved a larger amount at a loss despite a higher market price.
However, exchange deposits do not confirm completed sales. Holders may transfer Bitcoin to trading accounts without selling their entire balances. Taha also noted that heavy loss-related activity can accompany periods when weaker holders exit, although that does not establish when prices will recover.
Thursday’s decline coincided with concerns about possible renewed U.S. military action against Iran. Oil prices rose during that session, with Brent crude reaching approximately USD 105.88 a barrel, while higher Treasury yields added pressure to financial markets.
Bitcoin subsequently recovered after Trump said the U.S. would not attack Iran before the midterm elections. Brent eased toward USD 103 on Friday, and U.S. equity futures advanced as immediate concerns about another military escalation declined.
The recovery did not erase the earlier market losses. Bitcoin remained lower over the week, and broader crypto prices continued to reflect Thursday’s selling. Meanwhile, Bitcoin futures open interest declined, indicating that the initial rebound occurred alongside a reduction in outstanding futures positions.
Trader and analyst Rekt Capital identified USD 82,500 as an important level for Bitcoin’s weekly close. He said Bitcoin was “currently failing its retest” of that level and warned that a close below it could return the price to its earlier trading range.
The level previously marked the breakout point of a reversal pattern tracked by the analyst. Holding it as support would preserve that setup, while a move below it followed by failed recovery attempts would weaken it. The next weekly close will provide a clearer test than Friday’s brief rebound alone.
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