Summary
- Bitcoin fell to $81,678, below $82,000, after an attempt to break above $83,000 was met with selling pressure.
- QCP Capital said the $80,000 support level could come under threat if equity-market deleveraging spills over into crypto, while stabilizing US Treasury prices, falling real yields and a weaker dollar could support risk assets.
- CoinGlass and CryptoQuant said sell orders above $83,000 capped the rally, while 24-hour liquidations reached $335 million and the Binance whale ratio fell from 0.54 to 0.45, pointing to a possible shift in large investors' trading strategies.
Forecast Trend Report by Period
Bitcoin fell below $82,000 after an attempt to break above $83,000 ran into selling pressure. While stocks and Treasury yields rebounded together, the cryptocurrency market moved in the opposite direction.
Cointelegraph reported on October 19 that Bitcoin rose as high as $83,062 during the session before surrendering those gains and falling to $81,678 on Bitstamp. At the same time, the Nasdaq Composite gained 1.5%, while South Korea's Kospi closed 1.76% higher at 5,768, as Asian and US equities recovered part of the previous week's losses.
In the bond market, the yield on the 10-year US Treasury rose to 5.13%, while the 30-year yield climbed to 5.46%. The report said expectations for strong earnings from major big tech companies including Meta, SpaceX and Tesla ahead of their results helped drive yields higher.
Trading firm QCP Capital said in its latest analysis that the $80,000 support level could come under threat if deleveraging in equity markets spills over into crypto. By contrast, stabilizing US Treasury prices, lower real yields and a weaker dollar could support risk assets.
Bitcoin was capped above $83,000 because sell orders were concentrated in that range. CoinGlass data showed heavy sell-side liquidity stacked above $83,000 on exchange order books, limiting further gains. Total liquidations across the crypto market reached $335 million over the past 24 hours.
On-chain analytics platform CryptoQuant said Bitcoin whale deposits to exchanges declined during the period. The Binance whale ratio fell to 0.45 from 0.54 in early October. CryptoQuant said the drop suggests large Bitcoin deposits are making up a smaller share of total exchange inflows, which may point to changes in trading strategies and asset management by large investors.
