Why is Bitcoin (BTC/USD) falling today?

Bitcoin is currently down 2.15% on the day at 83,754.36. Media outlets highlight themes of a broad crypto selloff and the liquidation of leveraged long positions, while technically, the hourly trend has shifted downward even as the daily trend remains pointing up.

How could the upcoming FOMC Minutes affect the price of Bitcoin?

The US FOMC Minutes will be released today at 18:00 UTC and carry a high impact rating. Traders tracking this event will watch Bitcoin's reaction near immediate technical boundaries, with resistance located at the 5-day low of 83,844.54 and support at the S3 pivot of 83,285.10.

What key support levels should BTC/USD traders watch during this pullback?

Price is currently located between the S3 pivot at 83,285.10 and the S2 pivot at 84,183.38. The closest support level is S3 at 83,285.10, and a break below this mark opens the way toward the next round number at 83,000.

Why Is Bitcoin (BTC/USD) Moving? Price Retreats Ahead of FOMC Minutes

Market news Neutral bias Oct 7, 2026, 11:03 UTC

Marcus ReedTechnical Analysis Lead · ForexR analyst

Bitcoin (BTC/USD) has pulled back 2.15% today, navigating conflicting technical trends as price tests nearby support. Market focus now shifts to the upcoming FOMC Minutes release.

Blue sphere rising among angular geometric planes

Price83,754.36

Day change-2.15%

Day range83,351.71 - 85,649.87

ATR (14)2,149.60

Resistance	Level	Support	Level
R3	88,091.16	S1	84,887.12
R2	87,387.42	S2	84,183.38
R1	86,489.14	S3	83,285.10
Previous day high	86,683.68	Previous day low	85,081.66
20-day high	87,389.44	20-day low	75,565.69
Daily pivot 85,785.40. Data as of 2026-10-07 11:01 UTC; price from a live feed, levels computed from the previous completed daily bar.

Bitcoin (BTC/USD) 1-hour chart with the daily pivot at 85,785.40, R1 86,489.14, R2 87,387.42, S1 84,887.12, S2 84,183.38 and the bullish and bearish scenario paths — Bitcoin (BTC/USD), 1-hour candles with the daily pivot levels, the range between nearest support and resistance, and both scenario paths. Data as of 2026-10-07 11:01 UTC.

Bitcoin (BTC/USD) Price Action and Volatility

During the London session, Bitcoin (BTC/USD) is trading at 83,754.36, representing a daily drop of 2.15%. So far today, the cryptocurrency has covered a daily range of 2,298.16 dollars. This movement accounts for 107% of its 14-day Average True Range, which currently stands at 2,149.60 dollars. Price action is currently positioned between the S3 pivot at 83,285.10 and the S2 level at 84,183.38. Looking back to the previous session, Bitcoin traded between a high of 86,683.68 and a low of 85,081.66, ultimately closing the day at 85,590.86 with a total range of 1,602.02 dollars. Over the past five trading days, the asset has recorded a decline of 1%. In contrast, the performance over the 20-day window shows a gain of 10.04%.

Conflicting Technical Trends and Market Positioning

The technical setup requires a neutral bias due to conflicting momentum across different timeframes. The daily trend remains up, alongside a 14-day Relative Strength Index reading of 65.50. On this timeframe, price sits above its 200-period exponential moving average of 75,196.65. The daily 20-period EMA is located at 83,441.88, and the 50-period EMA is at 79,374.72. However, the four-hour chart presents a mixed state, with the 20-period EMA at 85,109.84 and the 50-period EMA at 84,818.60. Stepping down to the hourly timeframe, the trend points down, highlighted by the 20-period EMA at 84,541.00 and the 50-period EMA at 85,080.55.

In the futures market, CFTC Commitments of Traders data as of the week to September 29 shows speculators reduced net long Bitcoin (BTC/USD). This data describes past positioning of large speculators rather than providing a forecast for future moves.

News Sentiment and Media Themes

Media coverage today highlights a deepening crypto selloff, returning market threats, and the liquidation of leveraged long positions, as reported by Tokenpost, Unchained, Cointelegraph, and BeInCrypto. Other narratives contrast Bitcoin's recovery stalling short of rescuing an underwater cohort, noted by CoinDesk, with fundamentals driving recent gains, according to Crypto Economy, while Altcoin Buzz covers legal proceedings involving the DOJ. News sentiment registers a 70% bullish share, measuring the tone of recent coverage. At the same time, the independent opportunity reading reads as bearish at -36. These narratives explain what market participants are discussing today, rather than acting as proven drivers of price.

Key Support, Resistance, and Upcoming Scenarios

Traders observing the current pullback can note the nearby structural levels. The 5-day window shows a high of 87,232.12 and a low of 83,844.54. Over a broader period, the 20-day extremes sit at a high of 87,389.44 and a low of 75,565.69.

The nearest resistance level currently faces price at the 5-day low of 83,844.54. Below the current price, the nearest support is the S3 pivot at 83,285.10. For a downside scenario, a break below S3 at 83,285.10 would open the way to the next round number at 83,000. A move back above the daily pivot at 85,785.40 would invalidate this view. On the upside, a break above R1 at 86,489.14 would open the way to R2 at 87,387.42, with the daily pivot at 85,785.40 once again serving as the invalidation point.

Economic Calendar Catalysts

Looking to the economic calendar, the market is preparing for the transition as New York joins the session at 12:00 UTC. Today's schedule features the release of the US FOMC Minutes at 18:00 UTC, a high-impact event. Tomorrow brings additional data points, starting with a medium-impact speech from the Fed's Waller at 08:30 UTC. Later tomorrow, the US Initial Jobless Claims report will be published at 12:30 UTC; this medium-impact release carries an estimate of 200, following a previous print of 197.