Bitcoin drops to $82,486 after October 21 rally fails, liquidating longs

Bitcoin (BTC) dropped 0.28% over the past 24 hours to $82,486. On October 21, a rally stalled, leading to liquidations, as Santiment data showed open interest near $23.4 billion and climbing. Trader Ted Pillows stated the breakout failed, and late longs were flushed overnight, with longs accounting for $91.19 million of $95.22 million in crypto liquidations over the last 4 hours. Analyst Benjamin Cowen noted that the 21st capped July and September, and he mapped out potential future turns if the pattern repeats, suggesting the next low could be around mid-November.