Bitcoin tests $83,000 support following $261 million in crypto liquidations
CIE News ·
Bitcoin consolidated near $83,000 after retreating from an eight-month high of $87,400. The pullback triggered $261 million in liquidations across derivatives markets alongside a sharp drop in open interest.
Bitcoin (BTC) consolidated between $83,000 and $83,574 on September 30 after pulling back from an eight-month high near $87,400. The retreat accompanied $261 million in total crypto liquidations over a 24-hour period, affecting 74,249 traders. Long liquidations made up $144 million of the total, while short positions accounted for $97.7 million, with the largest single liquidation order reaching $6.915 million on HTX's BTC-USDT pair.
Derivatives tracking revealed that Bitcoin open interest dropped by 49,000 BTC during the pullback. FameEX and CryptoSlate reported that broader futures activity cooled substantially, with growth in speculative futures demand falling from 164,000 BTC on September 14 to roughly 16,000 BTC. Analysts characterized the drop in leverage as an orderly reset driven by profit realization following substantial unrealized trader gains.