Bitcoin Price Slumps Below $84K After Brief Surge Past $87K
Bitcoin's recent price surge came to an abrupt end on Wednesday as it plummeted below $84,000 for the first time since Monday. The cryptocurrency had breached $87,000 just hours earlier in a gradual climb that added nearly $2,000 in under 12 hours.
The reversal came after bitcoin responded to the rejection at $87,000 with a gradual decline, seemingly finding a floor just below $85,300. However, a brief relief rally attempted to push prices back up, but momentum fizzled out before reaching $86,000.
A sharp wave of selling ensued after the breakdown at $86,000, knocking bitcoin down $2,000 within 30 minutes to a low of $83,508. A quick relief bounce to $84,800 failed to alter the trajectory, though prices managed to settle above $84,000 by midday.
The pullback left bitcoin down 2.7% over the previous 24 hours, completely erasing the morning's surge past $87,000 that had briefly delivered gains above 1%. The sudden slide also trimmed bitcoin's market valuation from $1.74 trillion to under $1.7 trillion, knocking the overall cryptocurrency market cap back below the $3 trillion mark.