Bitcoin Price Today: BTC Slides as $550M in Risky Bets Get Liquidated, $85,000 Wall Decides Next Move

Bitcoin price today is trading near the $85,000 support wall after a sharp intraday selloff that liquidated roughly $550 million in risky crypto bets, according to Bloomberg data published on October 7, 2026. The move marks the largest single-session leverage flush since the April 2026 halving aftermath, but CoinDesk analysts insist the broader stair-step bullish trajectory remains intact as long as BTC holds above the $82,000 higher-low zone.

How much did Bitcoin fall today and what triggered the selloff?

Bitcoin fell as much as 6.4% from its weekly high of $91,200 to an intraday low of $85,340 before stabilizing, according to TradingView spot data on October 7, 2026. The trigger was a cascade of long liquidations across offshore perpetual futures venues, where open interest had climbed to a record $42.1 billion in the first week of October, per CoinGlass. Bloomberg reported that approximately $550 million in leveraged positions were wiped out within a four-hour window, with 78% of the damage concentrated in long-side bets.

The selloff accelerated after a hotter-than-expected U.S. September CPI print of 3.4% year over year, which pushed 10-year Treasury yields to 4.62% and forced a broad de-risking across high-beta assets. Spot Bitcoin ETFs recorded a net outflow of $214 million on October 6, the largest single-day redemption since August 2026, according to Farside Investors data.

Why is the $85,000 wall the most important level in crypto right now?

The $85,000 wall is a dense cluster of options open interest and prior accumulation volume that has acted as both support and resistance since July 2026, and its defense or failure will determine Bitcoin's next structural move. TradingView's Crypto Briefing desk noted that over $3.8 billion in BTC options expire between $84,000 and $86,000 in the October 2026 monthly expiry, creating a magnetic pull that has capped volatility in prior cycles.

On-chain data from Glassnode shows that addresses holding between 100 and 1,000 BTC accumulated 42,000 coins in the $83,500 to $86,200 range over the past 90 days. That cohort, often called the "shark class," has historically defended similar walls during the 2024 and 2025 consolidation phases. A daily close below $82,000 would invalidate the higher-low structure and open a path toward the $76,500 volume gap.

Is Bitcoin's stair-step bullish trajectory still intact in October 2026?

Yes, Bitcoin's stair-step bullish trajectory remains intact because BTC has continued to print higher lows on the weekly chart despite the October 7 flush. CoinDesk's market desk highlighted that each 2026 correction has been shallower than the last: the February drawdown was 18%, the May pullback was 12%, and the current October dip has reached only 6.4% from the local high.

Three structural supports underpin the thesis. First, spot Bitcoin ETF assets under management still sit at $118 billion as of October 7, 2026, per Bloomberg Intelligence, down only 4% from the September peak. Second, the Bitcoin network hash rate hit a record 912 EH/s on October 3, 2026, signaling miner confidence. Third, the 200-day moving average sits at $78,400 and has not been breached since January 2026.

What do analysts say about the next Bitcoin price target?

Analysts are split between a $95,000 retest and a $76,500 breakdown scenario, with the $85,000 wall acting as the pivot. CoinDesk's October 7 note argued that a weekly close above $88,000 would confirm the stair-step continuation and target the September high of $94,800. TradingView's Crypto Briefing desk warned that a sustained break below $82,000 would shift the market structure bearish for the first time since January 2026.

"Down but not out. Bitcoin's stair-step bullish trajectory is still intact," CoinDesk Markets reported on October 7, 2026, noting that funding rates have already reset from 0.08% to 0.011%, removing the froth that fueled the liquidation cascade.

Deribit options data shows the 30-day put-call ratio at 0.72, still favoring calls, while the implied volatility term structure remains in contango, a configuration historically associated with bullish continuation rather than trend reversal. For context on how BTC has traded through prior ETF-driven cycles, see our earlier coverage of Bitcoin News 2026: Live Price, ETF Flows, and the April Halving Aftermath.

What should traders watch in the next 72 hours?

Traders should watch the October 8 U.S. jobless claims print, the October 9 monthly options expiry, and the $85,000 daily close for directional confirmation. A hawkish surprise in jobless claims below 210,000 would likely pressure BTC toward $82,000, while a miss above 235,000 could spark a relief rally toward $89,500.

• October 8, 2026: U.S. initial jobless claims (consensus 222,000)
• October 9, 2026: Deribit and CME October monthly options expiry ($3.8B notional)
• October 10, 2026: Spot Bitcoin ETF weekly flow report from Farside Investors
• Ongoing: Funding rates on Binance, Bybit, and OKX perpetual contracts

For broader macro context on how 2026 policy shifts are moving risk assets, our analysis of the XRP and CLARITY Act market impact offers a useful cross-asset read.