Bitcoin Slips Below $81,993 Long Cluster as Coinbase Flags Liquidation Risk for Late Bulls

24 Oct 2026

24 Oct 2026, 16:23 UTC+02:00

Bitcoin TradeReviewed News Desk

Bitcoin traders who bought the dip in the low $80,000s are now sitting on losses. In a post on X, the Coinbase Markets account said the largest cluster of net long BTC positions was entered at an average price of $81,993, and Bitcoin has since slipped below that level. According to U.Today, BTC was trading around $80,595 at the time of reporting, down 1.5% over 24 hours as the wider crypto market extended this week’s selloff.

64% of long exposure is underwater

Coinbase Markets added that 64% of net long notional was entered above the current spot price, citing its “BTC: Net Open Positioning by average entry price” chart. In plain terms, most of the tracked long exposure was opened higher than where Bitcoin trades now. Coinbase framed the question simply: “Do they add or fold?”

If those traders add, fresh buying could help Bitcoin reclaim the $81,993 zone. If they cut, forced or voluntary selling could push price lower and turn that level into resistance.

Liquidations already skewed to longs

Coinglass data cited by U.Today shows $481.25 million liquidated across the crypto market over 24 hours, with longs accounting for $346.15 million. Bitcoin alone saw $95.06 million in liquidations, of which $85.90 million were longs and $9.16 million shorts. Further downside would likely trigger more forced closures of leveraged long positions, adding sell pressure.

Options market leans bearish

In a separate post, Coinbase noted that BTC options are pricing a clear downside bias across the volatility curve. The 25-delta skew stands at 11.3% for 1 day, 10.5% for 1 week and 10.8% for 1 month, versus 3.9% at 1 year. Puts carry higher implied volatility than comparable calls at every maturity, meaning traders are paying up for short-term downside protection.

What it means for traders

• $81,993 is the line to watch. A reclaim would ease pressure on the biggest long cluster; failure keeps it as overhead supply.
• Leverage is the risk. With longs dominating liquidations, high-leverage positions near current levels are exposed to cascades.
• Hedging is expensive short term. Elevated near-dated put skew means protection costs more right now than longer-dated cover.
• Check your venue. Fees, funding and liquidation engines differ between exchanges. See our exchange comparison and how we test, or read our BingX review and OKX review.

This article is for information only and is not investment advice.

Related reviews

• Bingx review
• Okx review

Sources

• U.Today: Coinbase Warns of Bitcoin Long Liquidation Risks

News is for information only and is not financial advice. More crypto news