Bitcoin Dips Below $84,000 in Sharp 2.34% Decline
Bitcoin (BTC) has dropped below $84,000, marking a sharp decline of around 2.34% over just four hours. The cryptocurrency experienced a rapid plunge of roughly $2,000 in a mere 20 minutes. Over the past three days, BTC has shed nearly 4%, translating to a loss of about $3,400 in value.
The recent volatility has triggered significant liquidations across the crypto market, with $554.61 million worth of positions wiped out in the last 24 hours. Long positions accounted for the majority, with $486.26 million liquidated, compared to $68.29 million in short positions.
Technical indicators suggest a bearish structure for Bitcoin. The price is testing lower Bollinger support near $84,257 on the 4-hour chart, while the EMA50 at $84,893.91 is capping upside movement. The MACD death cross at 4.25 reinforces the downward trend, with the RSI at 38.12 indicating further potential declines before any possible bounce to the EMA200 at $81,993.61.
Traders are now updating their Bitcoin price prediction models and monitoring for signs of a broader crypto market crash.