Bitcoin Falls About 6% as Futures Gauge Continues to Favor Sellers

Bitcoin (BTC) was at $81,600 on Oct. 20, about 6% below its Oct. 2 level, as a futures gauge favored sellers near the bottom of a three-week trading range.

BTC stood $1,200 above $80,400, the range’s lower edge. It was at $86,700 on Oct. 2.

Crypto analyst Axel Adler Jr. identified $80,400 as a level for judging whether the decline remains a pullback within that range. The market structure signal he cited fell from +0.37 a week earlier to -0.32. It had left its bullish zone but remained above the -0.5 threshold for a bearish reading.

The futures gauge measures the balance between buyers and sellers: readings above 50 favor buyers, while readings below 50 favor sellers. It has remained below 50 since Oct. 17. After approaching that mark on Oct. 19, it fell to 46.

In Adler’s assessment, a fall below $80,400 together with a market structure reading below -0.5 would mark a shift from a range pullback to a downtrend. He identified a decisive break above 50 in the futures gauge as an early sign of renewed buying pressure.