The cryptocurrency market reversed sharply on October 22, 2026, after Bitcoin failed to break above the $85,000 resistance level. Less than 24 hours earlier, bulls had been targeting a move toward $90,000, but the rejection pushed BTC below $82,000 and shifted attention back to the psychological $80,000 support zone.
According to market data, BTC initially dipped below $80,000 a week earlier after US CPI and PPI reports revived inflation fears, then rebounded nearly $3,000 in an instant. A weekend flash crash and a fresh decline below $81,000 were followed by a Monday push to $83,000 and a Wednesday climb to a two-week peak just under $85,000. The latest rejection erased those gains within hours. BTC's market capitalization fell to $1.640 trillion on CoinMarketCap, while its dominance over altcoins remained at 60%. Total crypto market capitalization dropped by more than $60 billion from the previous day's peak to $2.740 trillion.
Analyst Ali Martinez noted that the TD Sequential indicator flashed a sell signal near $85,000, foreshadowing the correction, but it has now printed a buy signal. He suggested the pullback may be nearing its end. Other observers echoed cautious optimism: Wealthmanager pointed to rising support around $81,500, saying a defense could put $83,500 and $85,000 back into play, while Joep Gerla warned that the structure remains bullish only as long as BTC holds above $80,000. Spot Bitcoin ETFs recorded three consecutive days of inflows, including nearly $530 million in the past 24 hours, the highest figure in a month, signaling renewed institutional demand.
Altcoins were hit harder. Ethereum fell by $100 after briefly topping $2,500, BNB traded near $730, and XRP slipped to $1.33 after again failing at $1.40. SOL, HYPE, ZEC, DOGE, LINK, and RAIN dropped between 3% and 5%, while BTW plunged 25% to $1.61. UNI, TAO, NEAR, AAVE, and WLD also recorded substantial losses. Monero was the exception, surging almost 11% to $650. For Hyperliquid, Martinez said a new buy signal could push HYPE toward $82 or higher if $78 holds. For Zcash, he is watching $1,250 support, with a potential rebound toward $1,350.
