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Bitcoin could slide to $78,000 if additional selling pressure triggers a cascade of stop-loss orders, AMB Crypto said, after about $967 million in crypto futures positions were liquidated over the past 24 hours.
AMB Crypto said total futures liquidations in the crypto market reached $967 million after the release of the U.S. September CPI report, with 91.8% of the total tied to long positions. The outlet said the sell-off had left market structure fragile, with traders watching the $80,000 support level for signs of stabilization. If Bitcoin overcomes the current selling pressure and stages a strong rebound, BTC could recover the $82,500 level, it said. If selling intensifies instead, a wave of stop-loss selling could push BTC down to $78,000. AMB Crypto added inflation that came in above expectations and concerns about additional tightening by the Federal Reserve were weighing on Bitcoin, while the market is now focused on the U.S. September PPI report due today and the Fed’s October benchmark rate decision.