Bitcoin (BTC) briefly dropped below $83,000. As leveraged positions faced cascading liquidations, international oil prices and U.S. Treasury yields rose together while large-scale value declines occurred in the gold and silver markets, increasing selling pressure across the virtual asset market.

Three Failed Attempts at the $87,000 Resistance... Fall Below the $83,000 Level

According to overseas crypto media outlet CoinGape, Bitcoin attempted to rise near $87,000 three times after September 23 (local time), but all attempts were met with resistance. It then turned downward from around $86,600 overnight, falling below $83,000. As Bitcoin failed to sustain its upward momentum, market attention shifted to the support level just below $83,000. Markets are watching whether Bitcoin can hold its key support level alongside the release of the U.S. Federal Reserve's meeting minutes.

Gold and Silver Markets Lose $400 Billion in Value in 10 Minutes

Sharp value declines also occurred in the gold and silver markets. Market analysis account Bull Theory claimed that on October 7 (local time), the combined market value of gold and silver fell by more than $400 billion in just 10 minutes. However, CoinGape noted that the figure has not been independently verified and represents a value decrease due to market price fluctuations rather than an actual outflow of funds.

Rising U.S. Treasury yields also weighed on the gold market. Since gold is a non-yielding asset, higher Treasury yields can reduce its relative attractiveness.

Total Crypto Market Cap Falls $113 Billion in 24 Hours... $644.52 Million in Long Liquidations

Along with Bitcoin's decline, large-scale liquidations occurred across the entire virtual asset market. According to market data cited by CoinGape, the total virtual asset market capitalization recorded $2.82 trillion, down 3.85% over 24 hours. In monetary terms, roughly $113 billion in market value disappeared. Major virtual assets including Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and Ripple (XRP) also fell together.

In particular, investors betting on price increases suffered heavy losses. According to CoinGlass data cited by CoinGape, total liquidations over the past 24 hours reached $697.02 million, of which long position liquidations accounted for the majority at $644.52 million. Positions of investors who had expected prices to rise further were liquidated en masse. However, CoinGape added that the liquidation figure is an aggregate across multiple virtual assets and does not mean $500 million in liquidations occurred in Bitcoin alone.

Brent Crude Tops $101 per Barrel, U.S. 10-Year Yield Rises to 5.35%

Behind the virtual asset market's decline lies instability in international financial markets. According to CoinGape, Brent crude prices exceeded $101 per barrel, and the U.S. 10-year Treasury yield rose to 5.35% in trading on Wednesday, October 7 (local time). Combined with a stronger dollar, pressure mounted across financial markets. Renewed concerns over crude oil supply in the Middle East pushed energy prices higher, which also affected inflation outlooks.

Market analysis outlet The Kobeissi Letter reported on October 7 (local time) that the U.S. 10-year Treasury yield surpassed 5.35% for the first time in 24 years. It noted that yields have risen 143bp (1.43 percentage points) compared to the lows before the Iran war, and mortgage rates have reached their highest levels in the past three years.

Attention also focused on the Fed's monetary policy announcements. According to CoinGape, the Fed was scheduled to release the minutes of its September Federal Open Market Committee (FOMC) meeting on October 7 (local time). The Fed had previously raised its benchmark rate by 0.25 percentage points at its September meeting to an annual range of 3.75–4.00%.

Key Support Levels at $82,000 and $81,000... RSI of 33 Nears Oversold Territory

Analysts suggested that if Bitcoin falls further, $82,000 and $81,000 could act as key support levels. CoinGape said Bitcoin's short-term support zone has formed near $82,000, and if the downtrend continues, $81,000 will be a critical price level. In particular, it analyzed that if the 4-hour candle closes below $81,000, Bitcoin could fall to the $80,000 zone, where prices previously moved within a certain range. It added that if selling pressure intensifies further, $78,000, based on the previous trading range, could once again come into focus.

Technical indicators also showed a bearish trend. According to analysis presented by CoinGape, Bitcoin's Relative Strength Index (RSI) stood at 33, approaching the level of 30 generally considered oversold territory. The Moving Average Convergence Divergence (MACD) was at -280.33, below the signal line of 67.21. The MACD histogram recorded -347.54, indicating a widening gap between the two indicators.

Conversely, if Bitcoin rebounds, $84,000 is analyzed to act as the first resistance level. CoinGape forecast that resistance could also appear near $85,000, and if both price levels are recovered, Bitcoin could re-enter the $86,000–$87,000 zone where recent upward attempts have repeatedly been blocked.

Ultimately, whether Bitcoin can maintain the support level near $82,000 or tests $80,000 through further decline was presented as the key variable for short-term price movement.

[This article is by no means investment advice. The content may merely reflect opinions, so please do not use it as a reference or material for investment. All investments are made at each individual's own judgment, and the final responsibility lies with the investor. This publication bears no responsibility whatsoever.]