Toscale: Bitcoin Slides Below $84K Ahead of FOMC Minutes (6h)

Bitcoin slipped below $84,000, triggering over $550 million in long liquidations as leverage unwound rapidly. The asset is now testing the ETF cost basis near $82,300, which serves as a critical support level for spot investors who recently turned profitable. While Toscale monitors these structural shifts, market sentiment remains fragile ahead of key macro data.

Fundstrat’s Tom Lee told a Singapore crowd that crypto is “2 days past the bottom” despite the flash crash, though his treasury company Bitmine announced it will stop buying ether at 5% of supply. Meanwhile, Bitcoin drops below $84,000 highlights the pressure on yearly buyer cohorts, with only 2025 purchasers remaining underwater. The recovery stalled just short of rescuing this last cohort, emphasizing the importance of the 21-day SMA.

Calendar — past:

KuCoin delisted 25 tokens with a withdrawal deadline of October 7, impacting liquidity for smaller caps. KuCoin delists 25 tokens marks a significant regulatory compliance move. Exchange activity continues with Zoomex Celebrates User Milestone with TOKEN2049 After Party Event and Toobit heads to TOKEN2049 Singapore at booth PB1-41 highlighting industry networking.

Calendar — ahead:

The primary focus is the FOMC Minutes release at 18:00 UTC, which will provide insight into the recent rate decision. The FOMC Meeting Minutes are expected to guide volatility in both rates and crypto. Earlier, the ECB's Vujčić speech at 17:30 UTC may offer regional monetary context.

Market read:

With Bitcoin testing the $82,300 ETF cost basis, downside risk is elevated if support fails. The upcoming FOMC Minutes will likely dictate near-term direction for risk assets. Traders should watch for a break below the 21-day SMA as a bearish confirmation. The delay of Evernorth’s XRPN debut to October 12 removes immediate XRP catalysts from this window.