Bitcoin Falls 8% in Two Days as Profit-Taking, Dollar Strength Weigh

Forecast Trend Report by Period

Bitcoin fell to the $80,000 level as profit-taking and a stronger dollar weighed on the token. Outflows from spot exchange-traded funds and forced liquidations of leveraged positions also deepened the slide.

On October 8, Bitcoin fell as low as $80,395 intraday on Binance's Tether market. That marked a drop of about 8% from roughly $86,698 on October 6. Bitcoin was recently trading around $81,700.

Selling by traders looking to lock in gains after the recent rally added pressure. Forbes cited CryptoQuant Head of Research Julio Moreno as saying traders' on-chain unrealized profit margin reached 33% last week, the highest since December 2024. Over the same period, Bitcoin holders realized gains worth 25,700 Bitcoin, the largest amount this year.