In this video, we break down Bitcoin on the 1hr chart using Elliott Wave Theory. You’ll discover both bullish and bearish scenarios, plus the critical price levels and targets to watch. Video by Koenz Trading.
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As of October 8, 2026, Bitcoin (BTC) is currently trading at $82,622.04, reflecting a 2.7% decrease since yesterday's market open.
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Bitcoin Insights Today
• Macro Headwinds (Hawkish Fed): The primary catalyst for today’s pullback was the release of the Federal Reserve's September FOMC meeting minutes. The minutes revealed unanimous support among officials for recent monetary tightening and strongly signaled that another interest rate increase before the end of 2026 is highly probable. This has driven U.S. Treasury yields higher and dampened investor appetite for risk assets.
• Geopolitical Crises & Oil Shock: Escalating conflict in the Middle East has led to at least nine reported attacks in the critical Strait of Hormuz waterway so far this month. This has sent Brent crude futures skyrocketing past $105 a barrel, shaking broad market confidence and driving capital into safer, traditional havens instead of crypto.
• Massive ETF Outflows: Institutional demand cooled dramatically, with US-listed spot Bitcoin ETFs recording $487.07 million in net outflows on Wednesday. This marks the largest single-day institutional liquidation from ETFs since late June.
• Over $550M Liquidated: The rapid price drop triggered widespread leverage liquidations across exchanges. Over $550 million in crypto positions were wiped out in the last 24 hours, with over $200 million coming from over-leveraged Bitcoin long positions.
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