Bitcoin Long Liquidations Soar to $280 Million Amid Price Drop

Bitcoin's price drop below $84,000 on September 23 triggered long liquidations worth $280 million over four hours. The cryptocurrency was attempting to break above $87,000 but reversed course towards its weekly low around the U.S. stock market open.

The price range between $84,000 and $87,000 has been a key area of focus for Bitcoin traders, with $82,000 emerging as a crucial support level. A drop below this threshold could shift the market's attention to the $60,000-$80,000 range.

Bitcoin's 30-day cumulative spot demand remains negative at 180,000 BTC, indicating that supply has exceeded demand over the period. Meanwhile, futures demand continues to increase.