Bitcoin Price Stalls at $84K as $80M Long Liquidation Wave Hits

Bitcoin Holds Above $84,000 Following Sell-Off

Bitcoin was largely flat Thursday morning, just 24 hours after selling pressure overwhelmed bulls to send the price tumbling from $87,000 to just under $84,000. Despite that reversal, overall sentiment remains bullish as traders bet cryptocurrency will see another spike like Monday’s, when it surged from under $82,000 to $87,000.

Although bitcoin’s price stayed above $84,000 for most of the previous 24 hours, it dipped below that level when it fell from $84,545 to just under $82,873. Afterwards, the price began mounting a recovery, reclaiming $84,000 around 9:35 a.m. EST before hitting an intraday peak of $84,830 an hour later. The same pattern repeated as the price plunged to $83,500 roughly 30 minutes later before rebounding to $84,180 by 12:10 p.m.

The marginal gain left bitcoin’s month-to-date increase at just over 6% and its market capitalization virtually unchanged at $1.69 trillion.

Meanwhile, the sideways price action wiped out long bets, which accounted for a larger share of liquidated leveraged positions for the second consecutive day. Market data showed that of the $110 million in liquidated leveraged positions, long bets accounted for more than $80 million, underscoring the bearish sentiment that gripped the market. The situation was slightly different for the broader cryptocurrency market, however, where long liquidations made up two-thirds of the $332 million in wiped-out leveraged positions.