Bitcoin (BTC) Slips Toward $81,000 as Global Tech Sell-off Drags Crypto Down; $80,000 Support in Focus
Key Takeaways
- •Bitcoin dropped 3.4% over 24 hours to $81,387, touching a daily low of $80,989 after a high of $84,788, and traded near $81,300, roughly 1.6% above the $80,000 mark.
- •The crypto decline mirrored a tech-driven equity sell-off, with the Nasdaq falling 2.6% for its worst session since June and the S&P 500 down 1.21%, while Meta, Micron, Nvidia, and AMD dropped between 4.4% and 8.1% on AI spending concerns.
- •Crypto liquidations totaled $40.9 million over 24 hours according to CoinGlass, with long positions accounting for $397 million of that total.
- •Benjamin Cowen warned that a daily close below the 50-day simple moving average would likely send Bitcoin to the bull market support band, while Daan Crypto Trades identified $72,000-$75,000 as a potential downside zone if $80,000 is lost.
- •Traders are monitoring whether $80,000 holds, along with ETF flows, oil and equity volatility, and Friday's S&P Global Flash U.S. Manufacturing PMI release.
Bitcoin (BTC) slipped below $81,500 on Thursday night as a sell-off in technology stocks spread across global markets, dragging the wider crypto market down roughly 3% alongside it. The leading cryptocurrency fell 3.4% over 24 hours to $81,387.
CoinGecko data showed a daily low of $80,989 after a high of $84,788. Bitcoin later recovered to about $81,305, though it remained down 3.5% on the day.
The decline was broad-based across major tokens. Ethereum fell 3.5% to $2,388, XRP lost 3.8%, and Zcash dropped 7.7%.
Stocks Lead the Decline
The crypto weakness mirrored a sharp downturn in equities. The Nasdaq Composite closed down 2.6% on Thursday, its worst session since June, while the S\u0026P 500 fell 1.21%, its steepest single-day decline since July. Concerns over artificial intelligence spending weighed on major technology names: Meta slipped 6.98%, Micron fell 6.26%, Nvidia dropped 4.4%, and AMD lost 8.1%.
The sell-off reached Asia on Friday, where South Korea's Kospi fell 2.3% and Japan's Nikkei 225 dropped 1.6%.
Leverage was flushed from crypto positions in the process. Liquidations occur when exchanges forcibly close leveraged positions as prices move against traders, and long positions typically absorb the heaviest damage during sharp downturns. Crypto liquidations totaled $440.9 million over 24 hours, according to CoinGlass, with long positions accounting for $397 million of that total.
Dominick John of Zeus Research said weak tech earnings, geopolitical tensions, and disputes between the United States and Iran are weighing on risk appetite. Rick Maeda of Laevitas noted that crypto is trading as a high-beta tech position.
Analysts Point to Key Bitcoin Levels
Benjamin Cowen posted on X that a daily close below the 50-day simple moving average, a widely watched trend indicator, would likely send Bitcoin down to the bull market support band. His chart showed Bitcoin near $81,098 while the daily candle was still open.
Benjamin Cowen on X, October 22, 2026:
\u003e Bitcoin getting a daily close below the 50D SMA likely sends it to the bull market support band. Note that ETH, MSTR, NDQ, TOTAL2, TOTAL3, etc. are already at the bull market support band. pic.twitter.com/icuP6ZTqZt — Benjamin Cowen (@benjamincowen) October 22, 2026
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\u003e Source: https://x.com/benjamincowen/status/2113315947247530221?ref_src=twsrc%5Etfw
Analyst Daan Crypto Trades said Bitcoin has struggled around the $83,000 level, noting that a bullish market structure break lacked follow-through. He said any larger drawdown upon losing $80,000 should see the price visit $72,000-$75,000, which he described as a solid long area.
Daan Crypto Trades on X, October 22, 2026:
\u003e $BTC Has been having a hard time around this $83K level. Price technically made a bullish market structure break but we have failed to see any substantial follow through so far. I think any larger drawdowns upon losing $80K should see us visit $72K-$75K which is a solid long… pic.twitter.com/UU6XZby9qQ — Daan Crypto Trades (@DaanCrypto) October 22, 2026
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\u003e Source: https://x.com/DaanCrypto/status/2113352574195859615?ref_src=twsrc%5Etfw
Levels Traders Are Watching
Dan Khus of LVRG Research said traders are watching whether $80,000 holds, along with ETF flows and any oil or equity volatility. Friday's S\u0026P Global Flash U.S. Manufacturing PMI, a monthly gauge of factory-sector activity, is also on the radar. With Bitcoin trading close to $80,000, those market flows, cross-asset moves, and incoming economic data are the main observable factors traders are monitoring alongside the technical levels.
Michaël van de Poppe said Bitcoin is in "no man's land" again, naming two potential areas for long positions: a sweep below $80,000 into the $78,400-$79,700 range, or a break above $82,900.
Michaël van de Poppe on X, October 22, 2026:
\u003e In terms of $BTC , it's kind of in nomansland, again. Last moves have been fueled by news, but from a technical standpoint, it wouldn't be weird if the markets will see a deeper correction. Just use the previous price action as an example. Twice we've seen liquidity to the… pic.twitter.com/FfopEeKB5l — Michaël van de Poppe (@CryptoMichNL) October 22, 2026
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\u003e Source: https://x.com/CryptoMichNL/status/2113359741284131129?ref_src=twsrc%5Etfw
The trader known as Mr. Wall Street said he holds Bitcoin bought between $60,000 and $64,000, has buy orders placed between $72,000 and $76,000, and is targeting $93,000 first.
The Kobeissi Letter shared a Polymarket screenshot showing 3% odds of Bitcoin reaching $130,000 in 2026. The contract carries roughly $77.6 million in volume and is set to end Dec. 31.
Earlier this week, Bitcoin briefly climbed above $83,000 on Oct. 20 before dropping back toward $82,600. Trader Ardi has said $84,200 is the level that needs to be cleared.
As of Thursday night, Bitcoin traded near $81,300, about 1.6% above the closely watched $80,000 level.
This article was originally published on CoinCentral.
