On Thursday, October 8, Bitcoin plunged to an intraday low of $81,125, wiping out more than half of its September gains.
The pullback was triggered by a combination of macro headwinds: logistics tensions in the Strait of Hormuz pushed Brent crude oil to $100, the U.S. 30-year Treasury yield hit its highest level since 2002, and the Federal Reserve meeting minutes signaled a year-end rate hike.
Capital flows in the spot market reversed sharply, with Bitcoin breaking below the previous day's support level of $82,776.30 and retreating 5.6% from its September 21 high of $87,354.33.
Data compiled by Woofun AI shows that spot Bitcoin ETFs experienced $484.9 million in capital outflows on October 7, equivalent to 81% of the capital accumulated over the prior nine trading sessions. Although total net inflows remain at $57.8 billion, short-term selling pressure was significant.
High leverage in the derivatives market amplified the downward momentum. CoinGlass data shows total 24-hour liquidations reached $429 million, of which $375.37 million were long liquidations, accounting for 87.5% of all forced closures. Bitcoin-related liquidations totaled $135.51 million, Ethereum-related liquidations reached $96.14 million, and $202.24 million occurred within a four-hour window.
On the technical front, the RSI dropped from 52.5 to 45.8, falling below the 50-point neutral threshold, while the Average Directional Index declined from 42.8 to 40.7. Although the 50-day exponential moving average remains above the 200-day exponential moving average, maintaining a golden cross, the price is approaching the 200-day moving average. If the closing price remains below $82,626.41, the correction could extend into the Fibonacci retracement zone between $81,165.95 and $79,705.49, with the upper boundary of that zone near $79,661.95.
Market focus has now shifted to the Federal Reserve's monetary policy meeting scheduled for October 27-28, 2026. This macro data shock not only tested long-term technical support but also revealed that, amid the combination of rate hike expectations and geopolitical risks, crypto assets' sensitivity to traditional financial volatility has increased significantly. Future price action will depend on liquidity repricing once policy direction becomes clearer.