Crypto
Bitcoin Gave Up the $83,186 Floor, and Ether Fell to Its Lowest Since September 18
BTC broke below its October 1 low half an hour before the US open on October 7 and reached $82,227.56 early on October 8, its lowest price since September 20. Ether closed at its lowest level since September 17.
The level that bitcoin traders had been watching all week gave way on Wednesday, October 7. After failing below $87,000 on three straight days and dropping to $83,577 overnight, BTC slipped under the October 1 low of $83,186 in the 13:00 UTC hour, just before the US stock market opened, and reached $82,787.25 on $166 million of volume. It closed the day at $83,321.81, down 2.60% and at its lowest close since September 20. A second leg came early on Thursday, October 8: in the 04:00 UTC hour, BTC fell to $82,227.56, its lowest price since September 20, and it was trading near $82,600 a couple of hours later.
Ether fared worse. ETH lost 4.57% on Wednesday to $2,574.14, its lowest close since September 17, after touching $2,538.06 in the 17:00 UTC hour. That broke the $2,600 area, which had held every daily low from September 21 until this week. XRP fell 5.05% to $1.4215 and Solana 3.65% to $116.30. All of this happened on a day when the S&P 500 lost just 0.22% and remained near its record, so the selling was again specific to crypto rather than part of a broad flight from risk.
The next reference is the start of the move that created the range in the first place. On September 21, bitcoin jumped from about $81,200 to $86,620 in a single day, with a low that day of $80,850. As long as BTC stays above that area, the past two weeks can still be read as a pause within that rally. A daily close below it would mean the entire September 21 breakout had been undone.