Bitcoin Falls Below $82,000 as Global Risk Assets Sell Off

Bitcoin (BTC) fell below $82,000 after failing to reach $85,000, as a wider slide in global stocks and futures weighed on risk appetite.

South Korea’s KOSPI closed down 3.52% Thursday, Oct. 22, while Hong Kong’s Hang Seng Tech Index fell more than 5%. Nasdaq 100 futures dropped 1.7% before the U.S. session.

Market concerns included renewed U.S.-Iran tensions. The U.S. and Israeli militaries had prepared plans for further strikes after the U.S. midterm election. France’s 10-year government bond yield also rose above the U.S. equivalent for the first time in 13 years, amid concerns about French public finances and debt.

Trader Killa compared Bitcoin’s cycle lows with U.S. midterms: the asset bottomed about 70 days after the 2014 election, 40 to 44 days after the 2018 vote, and near the 2022 election.

Bitcoin’s supply was concentrated in an $80,000 to $87,000 range, with buyers rebuilding positions near $80,000 using exchange-traded fund and Treasury cost bases. That buying remained smaller than its peak.

莱比特矿池 founder 江卓尔 said he held a 100% short Bitcoin position at $84,650, offset by a 100% spot Ether (ETH) position that left him overall flat. He said he would consider stopping out if Bitcoin rose above $85,500.

The next listed catalyst is the Federal Reserve’s rate decision Wednesday, Oct. 28, with rising oil prices and yields and inflation expectations also in focus.