Bitcoin Longs Wipe Out $280 Million as Price Tumbles Below $84K

Bitcoin (BTC) price plummeted below $84,000 on Wednesday's Wall Street open, resulting in over $280 million in long liquidations over four hours.

The rejection near $87,000 led to a correction, with Bitcoin suffering a decline towards its week-to-date low. Onchain data showed negative spot demand, with analysts flagging $82,000 as key support to hold in the event of further breakdown.

Rekt Capital noted that for bullish continuation and to avoid reverting back into the $60k-$80k range, Bitcoin would need to stay above or at minimum successfully retest ~$82k on any future dip.