Bitcoin slips below $83,000, wiping out nearly $42 million in longs before the US open

What happened

Nearly $42 million in long positions were liquidated before US stock markets even opened. Once losses eat through the trader’s collateral, the exchange closes the position automatically.

Leverage-induced volatility highlights the risks in Bitcoin trading, emphasizing the need for cautious positioning and monitoring market signals. 12, 2026 Bitcoin dropped below $83,000, and the traders betting on higher prices paid for it.

That early-morning wipeout was reportedly part of a bigger purge. Close to $696 million in positions were cleared out across a 24-hour window, mostly from longs.

What actually happened The move came on October 8, 2026, according to research compiled on the event. Intraday lows were reported in a range between $82,880 and $83,500, depending on the venue and the data source.

Bitcoin recovered to around $83,100 shortly afterward, putting it back above the line it had just fallen through. A liquidation, for the uninitiated, is what happens when a trader borrows money to amplify a bet and the market moves the wrong way. Advertisement Those forced closures are sell orders in a long-heavy market.