Bitcoin extended its decline on October 8, putting a large part of its September advance at risk as weaker risk appetite, heavy spot ETF outflows and leveraged liquidations pressured the market.
The cryptocurrency fell as low as $81,749.83 after breaking below the $82,776.30 support level identified the previous day. It was trading near $82,486 in the market update, while the source report also recorded a 2.67% 24-hour decline to $81,125. The moves have made October—often called “Uptober” by crypto investors because of Bitcoin’s historically strong performance in the month—look weak so far.
The retreat is notable because it reverses a pattern many traders had expected: a historically soft September followed by a stronger October. According to Decrypt, Bitcoin’s latest decline has erased close to half of its September gains. A similar break from the usual seasonal pattern also occurred last year.
Risk assets face a tougher backdrop
Bitcoin’s pressure is arriving alongside weakness in other major markets. Wall Street pulled back from record levels, Brent crude remained near $100 a barrel and US Treasury yields held close to their highest levels since 2002. Minutes from the Federal Reserve’s latest meeting also indicated that most officials expected another interest-rate increase before the end of the year.
Higher yields can make riskier assets less attractive by offering investors better returns in relatively safer fixed-income markets. The source material identifies these broader market conditions as a continuing headwind for Bitcoin, which sold off alongside stocks and gold during the previous session.
Bitcoin’s technical picture is mixed rather than uniformly bearish. Its daily chart still points to an underlying uptrend, while the four-hour chart remains weaker. The price had moved broadly between about $83,000 and $87,000 for more than two weeks after reaching $87,354.33 on September 21. At the reported low, Bitcoin was roughly 5.6% below that peak.
The daily Average Directional Index, a measure of trend strength rather than direction, stood at 40.7, down from 42.8 the previous day. Readings above 25 are generally considered to indicate a meaningful trend. Buying pressure remained ahead of selling pressure in the reported directional indicators, although bullish momentum was cooling.
The 50-day exponential moving average was still above the 200-day average. Traders commonly interpret that arrangement, known as a golden cross, as evidence that the longer-term trend remains positive. However, the signal was weakening on shorter time frames as Bitcoin approached its 200-day moving average.
Other indicators showed softer momentum. The Relative Strength Index dropped to 45.8 from 52.5, moving below the 50 level that separates stronger and weaker momentum readings. The Squeeze Momentum Indicator remained active, suggesting that volatility was compressed ahead of a potentially larger move, without indicating its direction.
ETF outflows and leveraged selling add pressure
The sharpest immediate warning came from US spot Bitcoin exchange-traded funds. The funds recorded $484.9 million in net outflows on October 7, their weakest day since June, according to ETF flow data cited by Decrypt.
That single session reversed about 81% of the $595.3 million that had entered the products over the preceding nine days. It reduced the 10-day net inflow to $110.4 million. Even so, cumulative net inflows remained substantial at $57.8 billion, meaning the latest withdrawal represented a setback rather than a complete investor exit from the products.
Leverage magnified the market’s decline. About $429 million in crypto positions were liquidated over the 24 hours covered by the report, and 87.5% of those liquidations involved long positions—trades positioned for prices to rise. A forced liquidation occurs when an exchange closes a leveraged position because its losses can no longer be covered by the trader’s collateral. Such selling can intensify a price decline.
Bitcoin accounted for $135.51 million of the liquidations and Ethereum for $96.14 million. Nearly half of the total, or $202.24 million, occurred during the final four hours of the period. The amount was below the previous day’s $969 million liquidation total, but it still showed that bullish leveraged positions were continuing to be removed.
Current market picture
Moneyiar market data at 21:49 on October 8, 2026, showed Bitcoin at $81,568.92, down 1.91% over 24 hours and 3.51% over seven days.
Other assets tracked by Moneyiar were also lower over the week. Dai was at $0.999667, virtually unchanged over 24 hours and down 0.03% over seven days. Monad stood at $0.0242847, down 4.35% in 24 hours and 27.74% over seven days, while ONEchain was at $0.132227, down 3.99% over 24 hours and 4.02% over seven days.
Levels and events traders are watching
The reported technical levels place Bitcoin at a decision point. A daily close below $82,626.41 would confirm a break beneath weak support and signal continuation of a short-term bearish correction. A close back above that level would leave the multi-week trading range intact.
Below the market, the source identifies a “golden zone” between $81,165.95 and $79,705.49, where pullbacks during broader uptrends can attract buying interest. The upper edge of the daily trend band was marked at $79,661.95, close to the lower boundary of that zone.
The next potential market-moving developments identified in the report include oil prices, shipping headlines linked to the Strait of Hormuz, daily ETF flows, Treasury yields and the Federal Reserve’s October 27–28 meeting. The report said a rate increase at that meeting appeared unlikely, while also noting that monetary-policy expectations remain part of the market backdrop.
