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Market snapshot as of 23 October 2026
Bitcoin came within reach of $85,000 this week, but the rally ran out of steam on Thursday when a sharp sell-off in chip stocks hit risk assets across the board. With the Federal Reserve meeting just five days away, both Bitcoin and Ethereum are sitting on support levels that will shape the market’s next move. Here is where things stand.
The total crypto market capitalisation is about $2.83 trillion, down roughly 1–3% over the past 24 hours depending on the data provider. Bitcoin is trading around $81,600, with a 24-hour range of roughly $81,000 to $82,300. That is about 3% lower than yesterday’s open of around $84,000, but only a fraction lower on the week. Ethereum is near $2,400, trading between about $2,370 and $2,430, and is down roughly 2% on the week, slightly underperforming Bitcoin. The Fear & Greed Index has dropped to 50, a neutral reading after a more optimistic stretch.
The sell-off began in equities. The Nasdaq fell about 2.6% on Thursday as chip stocks dropped sharply, and oil prices rose amid continued tension around Iran. Bitcoin followed stocks lower, falling around 4% at its worst, and Ethereum dropped in tandem.
Leverage amplified the move. Between $418 million and $431 million of leveraged long positions were liquidated overnight, forcing further selling as prices dipped to about $81,000. This is the same pattern we saw earlier in October: when equities and yields move sharply, crypto tends to react quickly because positioning is stretched.
ETF flows turned negative. Spot Bitcoin ETFs recorded about $636 million in outflows in the latest session, a sharp reversal after three consecutive days of inflows. Flows have been choppy for weeks, which suggests institutional investors are trading around macro events rather than building positions with conviction.
The technical picture is narrow. Bitcoin failed to hold gains near $85,000 and has fallen back to its recent range. Immediate support is at the overnight low of around $81,000, and a break below $80,800 would remove the nearest floor and open a move toward $79,700 and possibly the high-$70,000s. To signal recovery, Bitcoin needs to reclaim $81,500 first, then $83,700–$84,000, with $85,000 as the level that would confirm buyers are back in control.
Corporate demand remains a long-term support. Strategy holds around 848,000 BTC, and Tesla continues to hold 11,509 BTC, a reminder that balance-sheet buyers have not left the market even as ETF flows fluctuate.
Ethereum’s short-term picture is softer than Bitcoin’s. The price has slipped below $2,400 intraday, a level analysts say it must retake to signal recovery, and daily momentum indicators remain bearish. The next resistance levels are $2,435 and $2,480, then $2,525. On the downside, $2,320–$2,300 is the next support zone.
Fund flows tell a similar story: about $118 million has left US spot Ether ETFs over three consecutive sessions, even as Bitcoin funds were attracting money earlier in the week. That relative weakness helps explain why Ethereum has lagged Bitcoin in recent sessions. It remains well below its August 2025 record, and a sustained recovery will probably require a return of ETF demand rather than just a calmer equity market.
The Fed’s decision next Tuesday is the next major catalyst. Markets are expecting Bitcoin to trade between about $81,000 and $84,000 until then, and with Treasury yields elevated and the rate path still uncertain, any hint of a more hawkish stance could pressure risk assets again. Conversely, a signal that the central bank is comfortable pausing could trigger short covering and push both assets back toward their recent highs. Equity markets, especially technology stocks, will continue to be a key driver of crypto sentiment in the meantime.
Key dates to watch: daily ETF flow data, moves in US technology stocks, oil prices and Middle East developments, and the Fed decision on 28 October.
Bitcoin and Ethereum are not breaking down, but neither is in a position to break out. With leverage being flushed out repeatedly and the Fed days away, this is a market that rewards patience over prediction. Staggered entries, modest position sizes and low leverage remain the most sensible approach until the macro picture becomes clearer.
