Bitcoin falls below $82,000 as AI spending doub... - Pluang
Bitcoin fell nearly 3% to below $82,000 following mixed earnings reports from Tesla and Meta that raised concerns about AI investment spending.
The decline followed mixed earnings reports from Tesla and Meta that raised concerns about AI investment spending, causing drops in both global equities and cryptocurrency markets. The CoinDesk DeFi index fell 5.6%, with altcoins like Ether and Solana also experiencing losses.
Despite over $1 billion in inflows to spot bitcoin ETFs early in the week, market volatility remains low as traders exercise caution. The upcoming U.S. jobless claims data may further influence market direction.
Market Pressure
As of October 22, Bitcoin was trading at Rp1.477.466.019, down 1.55% in the last day, reflecting cautious investor sentiment. Solana also declined 2.08% to Rp1.877.828, with 73% of Pluang users selling their positions. NEAR Protocol showed an even sharper decline of 3.15%, priced at Rp89.785.
Bitcoin must confirm its new bullish cycle within 45 days or risk a winter price drop.
Recent Liquidations
On October 21, Bitcoin's price rally hit resistance, triggering significant liquidations of long positions totaling $91.19 million within four hours as the price dropped below $83,000. The following day, over $210 million in leveraged long positions were liquidated as Bitcoin and Ethereum prices fell further.
Despite the recent downturn, Bitcoin had surged 42.7% in Q3, climbing from $58,544 to $83,570, driven largely by the U.S. Treasury doubling long-dated bond purchases which boosted global risk assets.
Related
