Bitcoin Price Stalls at $84K Amid $80M Long Liquidation Wave
Bitcoin's price has stalled at around $84,000 after a sudden drop from $87,000. The cryptocurrency's intraday price action fluctuated between a low near $82,870 and a high of $84,830.
The sharp pullback triggered over $80 million in bitcoin long liquidations out of $110 million total. This has left traders with mixed sentiment, some expecting an inverse chart pattern rally past $86,000 while others foresee a fall below $80,000.
Analysts point to a massive inverse head-and-shoulders pattern forming on the charts, which could pave the way for a rally toward $100,000 and beyond in the coming months. However, bearish technical perspectives emphasize that bitcoin was twice rejected at the $87,300 resistance area, shifting focus to key support between $80,000 and $82,000.