TLDR
- Bitcoin fell 3.4% in 24 hours to about $81,387, dragging the crypto market down 3%.
- The Nasdaq dropped 2.6% on Thursday, its worst session since June, and the sell-off reached Asian stocks.
- Crypto liquidations hit $440.9 million, with $397 million in long positions.
- Analysts are watching $80,000 as support, with Daan Crypto Trades eyeing $72K-$75K if it fails.
- Benjamin Cowen says a daily close below the 50-day SMA could send BTC to the bull market support band.
Bitcoin (BTC) slipped below $81,500 on Thursday night as a sell-off in tech stocks spread across global markets. The price fell 3.4% over 24 hours to $81,387.
CoinGecko data showed a daily low of $80,989 after a high of $84,788. Bitcoin later recovered to about $81,305, still down 3.5% on the day.
Ethereum dropped 3.5% to $2,388, while XRP fell 3.8% and Zcash lost 7.7%. The broader crypto market declined about 3%.
Stocks lead the decline
The Nasdaq Composite closed down 2.6% on Thursday, its worst session since June. The S&P 500 fell 1.21%, its worst day since July.
Concerns over AI spending weighed on tech names. Meta slipped 6.98%, Micron fell 6.26%, Nvidia dropped 4.4%, and AMD lost 8.1%.
The sell-off reached Asia on Friday. South Korea’s Kospi fell 2.3% and Japan’s Nikkei 225 dropped 1.6%.
Crypto liquidations totaled $440.9 million over 24 hours, according to CoinGlass. Long positions made up $397 million of that.
Dominick John of Zeus Research said weak tech earnings, geopolitical tensions and U.S.-Iran disputes are weighing on risk appetite. Rick Maeda of Laevitas said crypto is trading as a high-beta tech position.
Benjamin Cowen posted on X that a daily close below the 50-day simple moving average likely sends Bitcoin to the bull market support band. His chart showed Bitcoin near $81,098 while the daily candle was still open.
Bitcoin getting a daily close below the 50D SMA likely sends it to the bull market support band.
Note that ETH, MSTR, NDQ, TOTAL2, TOTAL3, etc. are already at the bull market support band. pic.twitter.com/icuP6ZTqZt
— Benjamin Cowen (@benjamincowen) October 22, 2026
Analyst Daan Crypto Trades said Bitcoin has struggled around $83,000. He noted a bullish structure break lacked follow-through, and said losing $80,000 could lead to $72,000-$75,000.
$BTC Has been having a hard time around this $83K level.
Price technically made a bullish market structure break but we have failed to see any substantial follow through so far.
I think any larger drawdowns upon losing $80K should see us visit $72K-$75K which is a solid long… https://t.co/77bucnelh4 pic.twitter.com/UU6XZby9qQ
— Daan Crypto Trades (@DaanCrypto) October 22, 2026
Levels traders are watching
Dan Khus of LVRG Research said traders are watching whether $80,000 holds, plus ETF flows and any oil or equity volatility. Friday’s S&P Global Flash U.S. Manufacturing PMI is also on the radar.
Michaël van de Poppe said Bitcoin is in “no man’s land” again. He named two areas for longs: a sweep below $80,000 between $78,400 and $79,700, or a break above $82,900.
In terms of $BTC, it's kind of in nomansland, again.
Last moves have been fueled by news, but from a technical standpoint, it wouldn't be weird if the markets will see a deeper correction.
Just use the previous price action as an example. Twice we've seen liquidity to the… pic.twitter.com/FfopEeKB5l
— Michaël van de Poppe (@CryptoMichNL) October 22, 2026
The trader Mr. Wall Street said he holds Bitcoin bought between $60,000 and $64,000. He has buy orders between $72,000 and $76,000 and a first target of $93,000.
The Kobeissi Letter shared a Polymarket screenshot showing 3% odds of Bitcoin reaching $130,000 in 2026. The contract has about $77.6 million in volume and ends Dec. 31.
Earlier this week, Bitcoin briefly climbed above $83,000 on Oct. 20 before dropping back toward $82,600. Trader Ardi has said $84,200 is the level to clear.
As of Thursday night, Bitcoin traded near $81,300, about 1.6% above $80,000.
