Bitcoin Drops to $79,146 as Weekend Liquidations Hit Market

BitcoinBTC-0.88% Floor Gives Way Under Liquidations Pressure

Bitcoin experienced a sharp price drop on Saturday, October 24, 2026, dipping to around $79,146. This marks its second test of the $80,000 support level within a ten-day period and its lowest price point in over a month. By early afternoon, Bitcoin was trading dynamically between $79,400 and $79,700, before occasionally climbing back above $80,000, representing a 24-hour decline of roughly 2.3% to 2.5%. Meanwhile, EthereumETH-2.44% was trading near $2,334, down 2.79% over the same period.

The rapid drop caught many leveraged traders off guard. When traders use leverage, they borrow funds to amplify their positions. However, if the market moves against them, their positions can be forcibly closed in a process known as liquidation. Over $810 million in cryptocurrency leveraged positions were wiped out in 24 hours, with approximately $689 million consisting of bullish (long) bets.

Data from Coinglass.com revealed that over 200,000 individual traders had their positions liquidated during this event. Thin liquidity during weekend trading compounded the issue, meaning fewer active buyers were available to absorb the automated selling orders once key price levels were breached. Note that digital asset prices remain highly volatile, and sudden swings can occur rapidly.

Peter Schiff Highlights $75,000 Target and ETF Weekend Lockout

Gold advocate and prominent Bitcoin critic Peter Schiff commented on the weekend price action, pointing out potential risks ahead for investors.

"Bitcoin is finally breaking down. It’s hard to believe it’s held up this long. Now that it’s below $80K, the next stop is likely $75K. If that level fails to hold today, it’s going to be a very long weekend for Bitcoiners, especially for ETF investors who can’t sell until Monday."

Looking at Schiff's perspective through a balanced lens, whether Bitcoin tests $75,000 depends on specific market conditions. If forced liquidations continue and buying volume remains weak, the price could experience further downward pressure toward $75,000. On the other hand, if dip-buyers step in at established support zones around $78,000, Bitcoin could potentially stabilize back above $80,000.

Schiff also emphasized a unique structural difference between spot cryptocurrencies and ETF products. While spot Bitcoin trades continuously 24 hours a day, 7 days a week, U.S.-listed spot Bitcoin exchange-traded funds (ETFs) operate on traditional stock market schedules. Investors holding spot Bitcoin ETF shares are unable to trade over the weekend and must wait for stock exchanges to open on Monday morning to react to weekend price movements.

Institutional ETF Outflows Accelerate Before Weekend

Institutional demand showed signs of slowing prior to Saturday's drop. U.S. spot Bitcoin ETFs recorded a net outflow of $635.6 million earlier in the week. Major funds led the pullbacks:

• BlackRock (IBIT): Experienced outflows of approximately $254 million.
• Fidelity (FBTC): Recorded outflows of about $217.5 million.
• Additional Outflows: An extra $138 million exited these funds on Friday, October 23 alone.

Technical Levels and Macroeconomic Factors

From a technical standpoint, Bitcoin fell below its 50-day simple moving average located near $81,700 to $81,800. This technical indicator had served as key support for approximately two months. Analysts are now keeping an eye on immediate lower support levels near $78,400 and $77,876, with a broader support zone situated between $76,700 and $72,500.

Broader macroeconomic conditions are also playing a role in crypto market sentiment. Broader weakness in technology stocks and rising global energy prices have created a cautious environment. Brent crude oil rose above $117 per barrel on Saturday due to ongoing tensions in the Middle East, sparking fresh inflation concerns ahead of the Federal Reserve’s upcoming policy meeting on October 27–28.

Evolving Analyst Views: The Artificial Intelligence Debate

The recent volatility has renewed debates about Bitcoin's long-term outlook. Investor Chamath Palihapitiya, who previously projected that Bitcoin could reach $1 million, recently suggested that advanced artificial intelligence (AI) could eventually pose security risks to cryptographic networks like Bitcoin.

To evaluate this scenario fairly: if future AI technologies advance to a point where they can compromise SHA-256 encryption without network defense upgrades, cryptographic assets could face unprecedented challenges. Conversely, if developers upgrade Bitcoin's security protocols ahead of technological shifts, the network's structural integrity could remain intact.

Summary for Investors

As the market moves toward Monday's traditional market opening, participants will be watching whether Bitcoin can reclaim the $80,000 mark or if further volatility lies ahead.

Past performance of digital assets is not an indication of future performance. You can track real-time price charts and market updates on Bitkub Market.