Bitcoin price today: Why BTC USD fell below $83,000 as $714 million in crypto positions were liquidated

Bitcoin price today fell to $83,000 level as the cryptocurrency market came under renewed selling pressure, with more than $714 million in crypto positions liquidated over the past 24 hours.

BTC USD opened at $85,543.66 before dropping to an intraday low of $82,776.30, it was later trading at $83,178.54.

The decline came as oil prices moved higher and US Treasury yields climbed, while US stocks and gold also fell.

Bitcoin Price (BTC USD) Drops Below $83,000

Bitcoin fell 3.2% during the move below $83,000. The cryptocurrency had been rejected near $86,978.45 on the four-hour chart before moving lower.

The selling also hit leveraged traders. According to CoinGlass data, 124,276 traders were liquidated over the past 24 hours, with total liquidations reaching $714.47 million.

The largest single liquidation order occurred on Binance, involving an ETHUSDC position worth $26.64 million.

Crypto Market Cap Falls to $2.9 Trillion

The selling was not limited to Bitcoin.

The total cryptocurrency market capitalization fell back to $2.9 trillion, with more than $100 billion wiped out over 24 hours.

Ethereum dropped 6% to $4,436. XRP, Solana and Dogecoin also came under selling pressure.

Ethereum recorded the largest single liquidation order, with the $26.64 million ETHUSDC position on Binance representing the biggest liquidation.

Oil Moves Above $101 as Treasury Yields Rise

The cryptocurrency decline came as other markets also moved lower.

Brent crude moved back above $101 a barrel. 10-year US Treasury yield was near 5.34%. The 30-year Treasury yield reached 5.70%, which was its highest level since 2002.

The S&P 500 was dropped 0.59% at 7772.60 and the Nasdaq was down 0.71%.

Gold also dropped by 1.53% to $4123.10.

Oil prices were affected by ship attacks in and around the Strait of Hormuz. Higher oil prices were also adding to inflation concerns.

US 10-Year Treasury Yield Tops 5.35%

The US 10-year Treasury yield briefly moved above 5.35% and then falling back to 5.30%.

The US Dollar Index also reached 102.50, which was its highest level since March 2025, before reversing to 102.3.

Bitcoin Falls to an Intraday Low of $82,776

Bitcoin's decline took it to an intraday low of $82,776.30 before it moved back above $83,000.

Bitcoin's four-hour Relative Strength Index stood at 32.2 and its daily RSI was 52.5. The 50-day exponential moving average remained above the 200-day EMA on both the daily and four-hour charts.

The Federal Reserve's minutes from its September 15-16 meeting were also due on Wednesday.

With Bitcoin below $83,000 and CoinGlass recording $714.47 million in total liquidations over 24 hours, the latest decline has brought another large wave of forced selling across the cryptocurrency market.