Bitcoin dropped to $80,800 on Oct. 8 as a bearish MACD crossover and an oversold 4-hour RSI pushed the $80,000 level into focus. Analysts now flag $78,000 and $75,000 as possible downside stops, while the approaching anniversary of last year's flash crash adds to the pressure on sentiment.
Bitcoin slipped to $80,806 on Oct. 8. The move marked a drop of 3.02% from the session's opening price of $83,321. The session's low reached $80,393, a level below the $81,981 low seen during the earlier sell-off. Bitcoin is now testing its own 50-day moving average, with the round $80,000 mark next in line if that support gives way.
MACD crossover and oversold RSI flash caution
On the daily chart, the MACD line stood at 1,275.36, below its signal line at 1,828.41, producing a negative histogram reading of 553.05. Both lines remained above zero, but the crossover accompanied the latest decline, weakening the earlier recovery's momentum.
The 4-hour chart showed a sharper signal: Bitcoin's RSI fell to 21.15, below the conventional oversold threshold of 30. The same chart placed Bitcoin below its lower Bollinger Band at $81,016, with the middle band at $84,166 and the upper band at $87,317.
CoinGlass's three-day liquidation heatmap tracked Bitcoin's slide from roughly $86,000–$86,500 toward $80,800, with larger overhead clusters near $84,600–$84,800 and $87,200–$87,400. An earlier leg of the decline produced $555.6 million in total crypto liquidations over 24 hours, including $487.2 million in long positions.
Analysts eye $78,000 and $75,000
Analyst Ted said in an Oct. 8 post that Bitcoin could reach $78,000 during the month, adding that losing the $81,500–$82,000 area could lead to $75,000 before a stronger uptrend. Analyst Ardi separately described Bitcoin's structure as a completed double top and said losing the prior trading range as support could send BTC back into the $70,000s.
Flash-crash anniversary adds to the pressure
The sell-off also comes as Saturday's one-year anniversary of the October 2025 crash nears, when Bitcoin tumbled from about $122,000 to $105,000, with much of the decline happening within minutes of thin Friday trade. Coindesk reported Bitcoin down 4% over 24 hours and more than 8% since nearly hitting $87,000 four days earlier. Ether and XRP each fell about 6% over the same period, while solana dropped 9%. Rising oil prices and interest rates could also siphon money away from risk assets, alongside regulatory uncertainty after the Clarity Act's failure.
Still, institutional sentiment has not soured. A State Street survey of 300 asset managers, asset owners and wealth managers found about 51% expect digital assets to become mainstream within five years, up from 11% in 2024.
Sources: crypto.news, CoinDesk
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