BTC Price Dips Below $84K, Triggering $280M in Long Liquidations
Bitcoin (BTC) faced significant price pressure on Wednesday after being rejected near $87,000. The dip below $84,000 triggered a wave of long liquidations totaling $280 million over four hours.
According to TradingView data, the cryptocurrency attempted to break above $87,000 but ultimately fell to local lows under $84,000 around the Wall Street open. This level marked the upper boundary of a narrow intraday range.
Liquidity increased on both sides of the spot price as traders tried to force a breakout from the sideways range. Analyst Rekt Capital highlighted $82,000 as a key support level for bulls to hold in case of further breakdowns.
Despite gaining over 35% since August 17, Bitcoin continues to struggle with attracting spot-market demand. Onchain analytics platform CryptoQuant reported that interest remains largely confined to derivatives markets, with cumulative 30-day apparent spot demand measuring -180,000 BTC as of Tuesday.