Bitcoin fell below $80,000, while more than $400 million in long positions were liquidated over 24 hours, according to CoinGlass. Open interest has returned to levels close to those seen during the rally to $87,000, but with more late short positions, which could trigger a short squeeze if bears become overcrowded. Peter Schiff now targets $75,000, citing macroeconomic uncertainty and the risk of ETF outflows when U.S. markets reopen on Monday. Fed decisions, inflation data, Big Tech earnings, and the midterm elections are all factors that could intensify downside pressure, although reduced leverage could also support a relief bounce.
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