Bitcoin Price Today: BTC Fell to a 5-Week Low After $1.3 Billion in Longs Were Liquidated. Can It Hold $76,600?

Bitcoin (CRYPTO:BTC) is trading at $77,309, down 3.3% in the past 24 hours after a wave of liquidations pushed it to its lowest price in over five weeks. The closing price of $77,839 on October 29 marked the lowest daily close since September 17, with Bitcoin now priced 38.7% below its all-time high of $126,080.

On October 29, Barchart highlighted the drop on X, posting “Bitcoin $BTC falls to lowest price in more than 5 weeks.” Many traders who had borrowed funds to buy Bitcoin were forced out of their positions, triggering a wave of selling that drove the price down.

$1.29 Billion in Forced Selling Knocked Bitcoin Down

Crypto exchanges closed $1.49 billion in leveraged positions within a 24-hour window, according to CoinGlass. Of this total, long positions made up about $1.29 billion, or 86.8%, with Bitcoin positions accounting for $475 million. Long positions benefit when prices rise, but using leverage means borrowing funds to make a position bigger than the trader’s own cash could cover.

A liquidation occurs when an exchange forcibly closes a leveraged position because losses have eroded the trader’s margin collateral. Each liquidation hits the market as a sell order, pushing the price down further and triggering the next round of liquidations just below. This domino effect is known as a liquidation cascade, and it can push prices down far faster than regular selling.

Bitcoin’s intraday trading shows this cascade in detail. On October 30, the coin opened at $77,783 (UTC) and fell to $76,600 within the first hour. It broke below that level and bottomed at $76,301 about two hours later, on the session’s heaviest volume. A hack at Binance coincided with the drop, but the selloff began before the first wallet alerts went out, suggesting the leverage was already unwinding before any hack news spread.

This cascade also casts doubt on the strength of Bitcoin’s rebound from $76,301. Liquidations end once leveraged longs are cleared, so forced selling fades, but a cleared market only removes sellers; new buyers still have to step in on their own, and so far the bounce looks more like exhausted sellers than fresh buying.

Bitcoin Falls Below Its Short-Term Averages and Cost Basis

Bitcoin is trading below its 20-day moving average of $81,618 and its 50-day average of $81,887, though it remains above its 200-day average of $73,107. A price below the short-term averages means recent buyers are holding losses, while holding above the 200-day average shows the longer-term uptrend is still intact.

Glassnode’s “true market mean,” the price active holders paid, is about $77,600, above the current price, so holders are sitting on losses and some may sell into a bounce just to break even. Bitcoin last closed that level below on September 17 at $76,371, then closed at $80,874 the next day and peaked at $86,597 by September 21, its highest close in three months; every close since has stayed above $77,600.

Resistance above the current price starts at $77,699, where sellers have historically emerged and where the initial drop paused on October 29. The next resistance level is $79,107. Below, $76,600 serves as support, where buyers generally step in, and Bitcoin has recently traded back above it.

Volume data supports the skeptical read. Volume peaked during the drop, the rebound came on lighter volume, and the most recent trading has been thinner still, suggesting buyers haven’t rushed in at these prices.

Bitcoin Has Held Up Better Than Its Peers Over 30 Days

During the 24-hour selloff, the majors fell about equally. Ethereum (CRYPTO:ETH) fell 3.9% to $2,229, and Solana (CRYPTO:SOL) also dropped 3.9% to $97, while XRP (CRYPTO:XRP) slipped 3.3% to $1.25, slightly less than Bitcoin. All three posted their lowest closes of the past 30 days on October 29, the same day Bitcoin did.

Over the past 30 days, the numbers show a sharp divergence. Bitcoin is down 7.5%, while Ethereum has fallen 17.0%, Solana 18.2%, and XRP 16.1%. The total crypto market, now worth $2.6 trillion, fell 6.5% over 24 hours, and Bitcoin’s market dominance stands at 59.8%.

One reason Bitcoin has held up better is its ownership base. U.S. spot Bitcoin ETFs hold $104.27 billion in net assets, and those funds buy actual Bitcoin when investors put in cash. Smaller cryptocurrencies tend to carry more leverage and thinner order books, making them more exposed to bigger swings during liquidations.

Spot Bitcoin ETFs still saw continued inflows despite the market dip, with a net intake of $17.2 million on October 29, according to Farside. iShares Bitcoin Trust led with $12.8 million, followed by Fidelity Wise Origin Bitcoin Fund with $10.5 million and Bitwise Bitcoin ETF with $8.8 million, while Grayscale Bitcoin Mini Trust lost $15.3 million.

Can Bitcoin Hold at $76,600?

Bitcoin is holding $76,600, but just barely. It dipped below that level in the early hours of today before recovering, and the rebound came mainly from liquidations finishing up, not from new buyers stepping in. It trades above support on light volume, still under Glassnode’s $77,600 true market mean, with the Crypto Fear & Greed Index at a cautious 41.

For Bitcoin to confirm this bounce, it needs to close above $79,107, putting it back above the true market mean and through its first resistance. A close below $76,600 would mean support failed and could open the next leg down toward $73,107. Spot buyers need to outnumber forced sellers; a $17.2 million ETF inflow is a start, but it isn’t yet proof that new demand is driving the bounce.

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