Bitcoin faces $9.72 million long liquidations, struggles to hold $82,000 support

Bitcoin recently faced renewed selling pressure after approaching the $87,000 level, as profit-taking and unwinding of leveraged positions intensified. The largest cryptocurrency rallied sharply from around $84,500 to a peak near $87,200 before facing resistance, with market participants closely monitoring whether Bitcoin can sustain its hold above the $82,000 mark amid shifting macroeconomic factors and softer US employment data.

Selling Pressure Follows Sharp Rally

The $87,000 area has emerged as a short-term resistance point for Bitcoin following the strong recovery. Market analysts noted that after BTC’s recent rise from $80,000, many traders looked to secure profits near the upper end of the range. The inability to clear resistance levels above $87,000 led to a reversal, as short-term traders exited positions.

The next key resistance identified by traders is at $87,500. According to analysts, Bitcoin’s ability to remain above the mid-$80,000s could prove important for defining the next direction of its price trend.

$9.72M in Longs Liquidated on Price Reversal

A major driver of Bitcoin’s sudden reversal was a series of leveraged liquidations. Notably, analyst BullTheory reported that within 15 hours, Bitcoin rose from $84,500 to $87,200, liquidating over $216 million in short positions as prices climbed. The move was quickly followed by a turn lower, roughly an hour after US unemployment figures came in weaker than expected.

Bitcoin surged by over $2,700 in 15 hours from $84,500 to $87,200, wiping out $216 million in shorts, before reversing after the latest US jobs data signaled unexpected weakness.

Following this volatility, Bitcoin dropped by around $3,100, triggering approximately $278 million in leveraged long liquidations within five hours. The rapid shift highlights how quickly leverage can unwind during high-volatility periods, with shorts caught during the rally and longs facing heavy losses during the decline.

Another catalyst for price swings was the US labor market data for September. According to the latest government report, nonfarm payrolls increased by only 29,000, falling short of economists’ expectations for a 90,000 gain, while the unemployment rate rose to 4.2% from 4.1%.

Weaker employment figures initially lessened the likelihood of further interest rate hikes by the Federal Reserve. For cryptocurrencies, changes in rate expectations can influence broader market sentiment and impact both Treasury yields and the US dollar, shaping risk appetite.

Spot Bitcoin exchange-traded fund (ETF) flows have also drawn attention. US spot Bitcoin ETFs saw net inflows of $102.7 million on October 1, after posting net outflows of $148.7 million the previous day. BlackRock’s IBIT ETF brought in $195.6 million in inflows, while Fidelity’s FBTC ETF saw $60.7 million in outflows on the same day.

During the trading week of September 21–25, US spot Bitcoin ETFs collectively recorded $2.39 billion in net inflows, according to Farside Investors. BlackRock’s IBIT received $1.16 billion of this sum and Fidelity’s FBTC accounted for $701.6 million.

Analysts suggest that these ETF inflows reflect continued appetite for spot Bitcoin exposure amid recent volatility. However, they caution that ETF flows alone do not reveal the full source of market buying or confirm that institutional demand was solely responsible. Both spot ETF trends and derivatives markets offer insight into ongoing market dynamics.

Technically, the $82,000 level remains a significant support for Bitcoin. A sustained drop below this zone could signal a deeper retracement from recent highs, while a breakout above $87,500 would once again focus attention on higher resistance levels. Traders are tracking these areas closely as potential indicators of Bitcoin’s next move.

Investors caution that these figures represent technically significant levels rather than explicit price targets, as the market remains highly volatile.