Bitcoin Rejection Near $87,000 Drives $555.6 Million Liquidations

Bitcoin (BTC) fell below $85,000 after failing to break above $87,000, while a wave of leveraged-position closures intensified losses across major crypto assets.

Bitcoin traded near $84,128 at 4:15 a.m. ET (08:15 UTC) on Oct. 7 after rejecting the $87,000 area. Its daily range reached about $86,619 on the high end and $83,803 on the low end.

Crypto derivatives liquidations totaled $555.6 million over the 24 hours measured through 11:20 p.m. ET on Oct. 6 (03:20 UTC on Oct. 7). Long positions accounted for $487.2 million, showing that bullish leveraged bets made up most of the forced closures.

Ether (ETH) recorded $176.20 million in liquidations, the largest reported amount among major assets, while Bitcoin positions accounted for $144.67 million. An earlier reading put total liquidations at $550.53 million, with more than $484.6 million from long positions.

The Fear and Greed Index fell to 63 from 67 a day earlier, leaving sentiment in greed territory as the market absorbed the leverage reset.