Bitcoin and Ethereum have entered a sharp correction phase, erasing roughly $110 billion from the total cryptocurrency market capitalization in 36 hours. BTC fell to a 17-day low of $82,200 after repeated rejections near $87,000, while ETH slid from above $2,700 to about $2,560.
The pullback began after weaker-than-expected US labor data for September. BTC initially spiked to $87,250, then crashed by more than $3,000 within hours. Bulls attempted to reclaim $87,000 on Sunday and Monday, but each rebound was sold aggressively. Bitcoin dropped $2,000 in 20 minutes during one sell-off, hit $82,200, and was trading around $83,000 at the time of writing. Its market cap fell to $1.660 trillion, with dominance flat at 59%.
Analysts described the move as a brutal correction rather than a simple pullback. One known analyst had previously forecast that after BTC approached $88,000, a correction toward $79,000 would follow. Another expert expects daily, 2-day, and 3-day charts to flip bearish, forming a large bear flag that could push BTC as low as $73,300. However, she added that the October monthly candle may still close bullish for the first time since September 2025, potentially setting up a move above $90,000 and a broader altcoin recovery.
Altcoins suffered alongside Bitcoin. ZEC led losses with a 6% decline to $1,240. XRP dropped to $1.41 after being rejected at $1.50, SOL slid to $115, and HYPE fell below $90. DOGE, LINK, BCH, LTC, UNI, ENA, PUMP, and SKY also traded lower. In contrast, BTW gained more than 11%, while JUP, RAY, CRV, and ALGO were among double-digit gainers. Total crypto market capitalization dropped from $2.920 trillion to $2.810 trillion.
