Crypto
Bitcoin Price Drops Below $84K, Triggering $280M in Long Liquidations
Bitcoin's price slipped below $84,000 on Wednesday, triggering over $280 million in long liquidations in just four hours. This correction occurred as the asset failed to break above $87,000.
The data from TradingView shows that the spot demand for Bitcoin remains negative on a 30-day rolling time frame. Analyst Rekt Capital emphasized that maintaining support at $82,000 would be crucial to prevent a further breakdown in the price.
According to CryptoQuant, despite Bitcoin's recent 35% gain since August 17, its spot market still struggles to attract demand, with cumulative apparent spot demand measuring -180,000 BTC on Tuesday. The analytics platform suggests that this trend could shift towards positive territory if the momentum persists.