Bitcoin Slips Below $84K, Long Liquidations Top $280M

Bitcoin's price dropped below $84,000 on Wednesday, triggering $280 million in long liquidations over four hours. The decline came as Bitcoin was rejected near $87,000 and spot demand remained negative.

Data from TradingView showed a second attempt to break beyond $87,000 before the price fell to local lows under $84,000 during the Wall Street open. Liquidity thickened on both sides of the spot price as traders tried to force a breakout from the sideways range.

Trader and analyst Rekt Capital highlighted $82,000 as a key level for bulls to hold if the low-timeframe structure breaks down. He stated that Bitcoin would need to stay above or retest ~$82k on any future dip to avoid reverting back into the $60k-$80k range.

CryptoQuant reported that spot demand showed only modest improvement, with interest still largely confined to derivatives markets. The cumulative 30-day apparent spot demand measured -180,000 BTC as of Tuesday, indicating supply outpacing demand over the lookback period.