Bitcoin Plunges Below $84,000 Amid Wave of Liquidations

Bitcoin's recent push above $87,000 reversed sharply on Wednesday, sending BTC below $84,000 and forcing hundreds of millions of dollars in leveraged long positions out of the market.

Total crypto market capitalization fell 2.77% to $2.85 trillion after a wave of liquidations swept through the broader market.

According to CoinGlass data, $580.97 million in crypto liquidations occurred over 24 hours, with $437.58 million of those long positions being liquidated.

The derivatives market absorbed most of the damage, but the sudden reversal has left many traders wondering if the market is due for a reset.