Crypto
Bitcoin Briefly Undid Its September 21 Breakout. Ether Hit $2,406 Before a Rebound
BTC fell to $80,393.56 on October 8, below the low of the day it broke out in September, and ether dropped to its lowest since September 16. Both recovered overnight: BTC to about $82,600 and ETH to about $2,500.
For several days, bitcoin fell while US stocks held near records. On Thursday, October 8, the two finally fell together — and crypto fell harder.
The turning point came in the US session. In the 15:00 UTC hour, as chip stocks slid on Wall Street, BTC dropped 2.0% from $82,704 to $81,038, with $244.6 million traded, the busiest hour of the day. It kept falling to $80,393.56 in the 17:00 UTC hour, below the $80,850 low of September 21, the day bitcoin jumped from about $81,200 to $86,620 and began the range it has traded in since. That was BTC's lowest price since September 20. It closed the day at $81,754.45, down 1.88%, and then recovered overnight to about $82,600 by early Friday.
Ether's fall was steeper. ETH lost 3.79% in the same 15:00 UTC hour and reached $2,406.11 in the 17:00 UTC hour, below its September 18 low and its lowest price since September 16. It closed at $2,474.80, down 3.86%, and was trading near $2,500 early on Friday. Solana fell 5.74% to $109.62, its lowest close since September 17, after touching $105.71, and BNB lost 4.71%.
So was the September 21 breakout undone? Not quite, at least not yet: BTC traded below the breakout day's low for a few hours but closed above it, and the overnight rebound took it back inside the old range. A dip below a key level that quickly reverses is sometimes called a false breakdown, and it can trap traders who sold on the break. The next daily closes will show whether that's what Thursday was, or whether the $80,000 area gives way properly.