Quick answer: The Bitcoin price dropped below $80,000 on Oct. 24, 2026, as the U.S. cut staff at Middle East embassies after an intelligence memo warned of Iranian plots. CoinGecko showed BTC at $79,822 at 16:49 UTC, down 2.3% in 24 hours and its lowest level since mid-September.
The Bitcoin price fell below $80,000 on Saturday, Oct. 24, 2026, its weakest level in more than a month. The drop followed reports that the U.S. is pulling staff from embassies and bases across the Middle East over Iranian threats.
At 16:49 UTC, CoinGecko priced BTC at $79,822, down 2.3% in 24 hours. Meanwhile, altcoins fell harder. Ether lost 4.3% to $2,304, XRP slipped 3.1% to $1.27 and Solana dropped 4.5% to about $100.
What happened to the Bitcoin price?
The selling started on Friday and picked up during thin weekend trading. On Friday, Oct. 23, Director of National Intelligence Jay Clayton sent a memo to Secretary of State Marco Rubio. “The lethal plotting efforts by the Iranians against U.S. citizens have reached advanced stages in both the Middle East and certain other countries,” he wrote, as reported by AP and CBS News.
After that, the State Department ordered staff cuts at embassies in the UAE, Lebanon, Qatar and Jordan, according to NBC News and Axios. Earlier in the week, non-essential staff and families were told to leave Saudi Arabia. On Saturday, CoinDesk cited a WSJ report that the pullback now also covers military bases.
Meanwhile, President Trump added to the tension. At a Florida rally on Friday, he said, “We may do another little ‘Epic Fury,'” referring to the U.S. campaign against Iran that began in February. CoinDesk and Bitcoin.com News both reported the remark.
Why it matters: a key support line broke
For traders, though, the level itself matters less than the trend line beneath it. For about two months, Bitcoin’s 50-day moving average acted as a floor. In fact, every dip toward it was bought.
That changed this week. Using CoinGecko daily closes, we calculate the 50-day average at about $81,784. However, Bitcoin closed below it this week. Those were the first daily closes under the line since mid-August, and Bitcoin.com News also flagged the break.
In addition, the move erases most of the October rally. Bitcoin hit about $86,600 on Sept. 22 and traded near $86,500 again on Oct. 5. It last traded below $80,000 around Sept. 18. So, in short, the price is back where it started the late-September breakout.
Data and context: oil, ETFs and the Fed
Geopolitics is not the only weight on the market. Here are three other pressure points, all checked against at least two reports:
- Oil. Brent crude settled at $116.72 a barrel on Friday, its highest close since April, according to Yahoo Finance. As a result, high energy costs raise inflation risk and squeeze risk appetite.
- ETF outflows. U.S. spot Bitcoin ETFs lost about $635 million on Oct. 22 and another $137.9 million on Oct. 23, per SoSoValue data cited by Yahoo Finance and Coinpedia. We covered the first day in our report on the $635 million Bitcoin ETF outflow.
- The Fed. The Federal Reserve meets on Oct. 27 and Oct. 28. CME FedWatch showed about a 90% chance of a hold, but roughly 10% for a hike, per Yahoo Finance.
Also, the drop is now testing a level that ETF buyers care about. Earlier this week we looked at the average Bitcoin ETF cost basis near $81,500. With BTC under that mark, the average ETF buyer since launch is slightly under water. As a result, more outflows are possible if the price keeps falling.
Still, not every analyst is gloomy. Galaxy’s Alex Thorn said on the firm’s podcast that the $58,000 range Bitcoin touched in June looked “pretty certain” to be the cycle bottom, Yahoo Finance reported. However, that is a long-term view, not a short-term price call.
What to watch next
- Weekend headlines. First, thin weekend liquidity can exaggerate moves. Any new strike, attack or de-escalation news on Iran could push the Bitcoin price sharply either way.
- The 50-day average. A quick close back above roughly $81,800 would suggest the break was a false alarm. Staying below it would turn the old floor into resistance.
- Monday’s ETF flows. Another large outflow day would confirm that institutions are cutting risk, not buying the dip.
- Fed decision on Oct. 28. Overall, a hold is expected. However, any hint of a hike because of oil-driven inflation would weigh on crypto.
Finally, Ether looks weaker than Bitcoin right now, too. For more on that, see our story on Arthur Hayes selling ETH.
FAQ
Why did the Bitcoin price fall below $80,000?
Above all, the main trigger was geopolitical. On Oct. 23, 2026, a U.S. intelligence memo warned of advanced Iranian plots against Americans, and the U.S. cut staff at several Middle East embassies. High oil prices and ETF outflows added pressure.
What was the Bitcoin price on Oct. 24, 2026?
CoinGecko showed BTC at $79,822 at 16:49 UTC on Oct. 24, 2026. That was down 2.3% in 24 hours and the lowest level since mid-September.
What is the next support level for Bitcoin?
First of all, there is no guaranteed floor. Coinpedia analysts point to about $78,400 as the next support zone. On the upside, the 50-day average near $81,800 is the first level bulls need to win back.
Not financial advice. Crypto assets are volatile; do your own research (DYOR) before you trade.
Sources
- CoinDesk: Bitcoin slides below $80,000 on U.S. Middle East evacuations
- AP: Iranian threats lead US to reduce staffing at some Mideast embassies
- CBS News: Iran has increased efforts to target U.S. personnel
- NBC News: Iranian plots reached advanced stages, memo warns
- Axios: U.S. intel memo warns of advanced Iranian plots
- Bitcoin.com News: Bitcoin loses its 50-day moving average
- Yahoo Finance: Bitcoin ETFs see $635M outflow as BTC slips
- Coinpedia: Why is Bitcoin falling?
- CoinGecko: Bitcoin price data
