Bitcoin slipped below $80,000 on Saturday, October 24, 2026, touching a low near $79,263 before steadying around $80,300, as reports of US personnel being pulled from Middle East posts hit a market already weakened by ETF outflows and a tech sell-off. About $821 million of leveraged crypto positions were liquidated in 24 hours, 84% of them longs. Geopolitics was the spark, but it landed on dry tinder. This article explains what happened, what else pushed prices down, and what to watch next, including the Federal Reserve decision on October 28.
What happened: from $84,000 to below $80,000 in four days
Bitcoin had rebounded to about $84,333 on October 21, but the rally faded quickly. Over the next three sessions it drifted lower, then broke under the $80,000 round number on Saturday, its lowest level in more than a month, according to a Northeast Times summary of market reports. Exchange prices differ slightly, so the reported weekend low ranges from roughly $79,100 to $79,700; Crypto Times puts the 24-hour range at about $79,263 to $81,445.
| Date | Bitcoin | What happened |
|---|---|---|
| Oct 21 | about $84,333 | Rebound high; ETF inflow of $528.4 million |
| Oct 22 | about $81,000 | ETF outflow of about $635.5 million; Nasdaq falls 2.6% |
| Oct 23 | about $81,668 | ETF outflow of about $137.9 million |
| Oct 24 | low near $79,263, then about $80,300 | Reports of US evacuations; $821 million in liquidations |
The weekend break matters for two reasons. First, $80,000 had acted as a support line for weeks, so its loss changes the chart. Second, weekend trading is thinner, which can make moves sharper than they would be on a weekday. By late Saturday, Bitcoin had recovered to about $80,300, so the break so far is a brief dip below the line, not a confirmed collapse.
The Middle East trigger: what was reported
The immediate catalyst was news out of the Middle East. According to the Northeast Times, citing a Wall Street Journal report on Saturday morning, the US is pulling personnel from embassies and military bases across the region, after ordering some diplomatic staff in Saudi Arabia to leave earlier in the week. The same summary says US intelligence reportedly points to Iran stepping up efforts to target American personnel, and that President Trump said at a Florida rally that the US may stage another limited operation. CoinDesk reported he tied any renewed escalation to the period after the early-November midterm elections.
Separately, Crypto Times reports that Houthi attacks on Saudi Arabia pushed Brent crude to its highest level since May 4. These reports come from secondary news sources, and details may change as events develop, so check primary news coverage.
The path from a Middle East headline to a Bitcoin sell-off runs through three channels:
- Risk-off sentiment. When investors fear escalation, they cut exposure to volatile assets first, and crypto trades around the clock, so it often reacts before stock markets reopen.
- Oil and inflation. Higher crude prices can revive inflation worries, which reduces expectations for interest-rate cuts. That weighs on assets that pay no yield, such as Bitcoin.
- Forced selling. A fast drop through a popular price level triggers stop orders and liquidations, which push the price lower still.
None of these pressures is specific to crypto, which suggests Bitcoin is moving with the broader market rather than on news of its own.
It was not only geopolitics
Blaming one headline oversimplifies the move. Four other pressures were already building.
ETF outflows. US spot Bitcoin ETFs lost about $635.5 million on October 22, the largest single-day withdrawal since June 25, led by BlackRock’s IBIT (about $254.1 million) and Fidelity’s FBTC (about $217.5 million). Another roughly $137.9 million left on October 23. That followed three sessions of inflows totaling more than $1 billion, so the reversal was sharp.
A tech sell-off. The Nasdaq Composite fell 2.6% on Thursday, its steepest daily drop since June 5, as investors questioned whether large technology companies can keep up their AI spending. Bitcoin has tended to move with growth stocks in risk-off sessions.
Oil and rates. Brent crude at a multi-month high feeds inflation concerns just ahead of a Federal Reserve decision, which reduces the room for rate cuts.
Crowded leverage. Long positions were crowded. Of the roughly $820.8 million in liquidations over 24 hours, about 83.7% were long positions, and Binance accounted for half of the total. Bitcoin alone saw about $239.7 million liquidated, 93.1% of it longs.
Sentiment also took a hit when BitMEX co-founder Arthur Hayes said on X that his family office closed its directional crypto trades and took profits, citing macroeconomic and geopolitical uncertainty. One trader’s decision does not move a market by itself, but it adds to the sense that experienced participants are cutting risk.
How Ether and other coins fared
The sell-off was broad but not extreme. Ether fell about 2.3% and Solana about 2.3% over 24 hours, in line with Bitcoin’s roughly 2.2% drop, and XRP also declined. The damage was concentrated in leveraged longs.
| Asset | 24-hour move | Liquidated (24h) | Share that were longs |
|---|---|---|---|
| Bitcoin | about -2.2% | $239.65 million | 93.1% |
| Ether | about -2.3% | $188.21 million | 90.2% |
| Solana | about -2.3% | $32.88 million | 93.8% |
Across the whole market, Crypto Times counted $820.78 million liquidated across 196,033 traders. The largest single Ether liquidation was an $11.85 million long on Binance that closed at $2,307.65. About $214.7 million of liquidations came in the final four hours of the data window, and the last hour showed mostly short liquidations, which hints that prices had started to bounce.
Percentage moves of about 2% are modest by crypto standards. The large liquidation figures show how little room over-leveraged positions have, not how severe the price fall was.
Key levels after the break
With Bitcoin hovering within a few hundred dollars of $80,000, traders are watching a tight cluster of levels.
| Level | Approx. price | Role |
|---|---|---|
| Rebound high | $84,333 | October 21 peak that failed to hold |
| Resistance | $83,200 | Prior week’s high |
| 50-day average | $81,771 | Medium-term trend line |
| Resistance zone | $81,000 to $81,445 | A recovery above it would shift pressure toward shorts |
| Round number | $80,000 | The line Bitcoin dipped below |
| Session low | $79,263 | A sustained move below it could trigger more long liquidations |
| First downside target | $78,400 | Level traders are discussing |
| Options max pain | $78,000 | October 30 expiry strike |
| Put clusters | $75,000 and $70,000 | Downside protection concentrated |
| 200-day average | $72,850 | Long-term trend line |
A failed hold of $80,000 would turn it from support into resistance. For the break to prove false, Bitcoin would need to reclaim and close above roughly $81,000 to $81,450 on healthy volume.
What to watch next
Four events over the next week are likely to decide whether this is a dip or the start of a lower range.
- Weekend and Monday headlines. Further news on evacuations or regional strikes can move prices at any hour, and Monday’s market open will show how stocks and oil react.
- ETF flows. After two straight outflow days, a return to inflows would be an early sign that institutions are buying the dip. More outflows would add to the pressure.
- The Federal Reserve decision on October 28. The policy meeting runs October 27 to 28. Higher oil and sticky inflation make the Fed’s tone on rate cuts especially important for risk assets.
- The October 30 options expiry. About $12.1 billion of Bitcoin options expire, with a max-pain level of $78,000 and large put positions at $75,000 and $70,000. Expiries can pin prices near popular strikes, then release them.
Before the sell-off, implied volatility was at its lowest since March 2021, meaning traders expected calm. A move like this is the kind of shock that can start to reprice that expectation. A rise in the 30-day implied volatility index above 45 would suggest traders are bracing for more.
What this means for holders and buyers
No one can say whether Bitcoin will bounce or fall further, but a few principles hold in sell-offs like this.
- Separate the news from the price. Headline-driven drops can reverse as fast as they appear, or they can mark a new range. Do not trade on a single report.
- Do not sell in a panic. Weekend dips on thin liquidity often overshoot. Decide on a plan when calm, not during a liquidation cascade.
- Be careful with leverage. More than 83% of liquidated positions were longs. At 10x leverage, a roughly 10% move wipes out a position, and wicks can do it faster.
- If you are buying, spread it out. Dollar-cost averaging, meaning buying a fixed amount on a schedule, removes the pressure to pick the exact low.
- Keep position sizes survivable. The options market has priced an 11% monthly move. Hold only what you can leave alone through that.
- Mind the calendar. The Fed decision on October 28 and the options expiry on October 30 are scheduled sources of volatility.
This article is general information, not financial, tax or legal advice. Crypto is volatile and you can lose money.
Frequently asked questions
Why did Bitcoin fall below $80,000? Reports of US personnel being pulled from Middle East posts hit a market already weakened by ETF outflows, a tech sell-off, higher oil prices and crowded long positions, which together triggered about $821 million in liquidations.
Did Middle East tensions cause the crash? They were the immediate spark, but not the only cause. ETF outflows of about $635.5 million on October 22 and a 2.6% Nasdaq drop had already weakened the market.
How low did Bitcoin go? Reports put the weekend low between roughly $79,100 and $79,700, depending on the exchange. Crypto Times cited a low near $79,263, and Bitcoin later recovered to about $80,300.
Is this a crash? Bitcoin fell about 2% in a day, a modest move by crypto standards. The larger story is the liquidation total and the loss of the $80,000 level.
What is the next support level for Bitcoin? Traders are watching $79,263, then $78,400 and $78,000, followed by $75,000 and the 200-day average near $72,850.
When is the next big event for crypto? The Federal Reserve announces its decision on October 28, and monthly Bitcoin options expire on October 30.
Should I buy the dip? That depends on your finances and risk tolerance. Many investors prefer to spread purchases over time instead of trying to catch the low.
