Bitcoin Price Near $84K as Macro Pressures Weigh on Sentiment

Intraday Reversals Drive $71M in Liquidations

Bitcoin traded mostly in the $84,000-to-$85,000 range on Friday before a sudden volatility spike pushed its price near $83,000. After losing momentum following its second breach of $87,000 earlier in the week, bitcoin gradually gave back most of its Monday gains, when it had surged by more than $5,000.

Before the volatility spike, however, the daily price chart showed that bitcoin’s price was largely confined to an $84,000-to-$84,750 range, with occasional dips below or moves above those levels. Shortly after 3 a.m. EST, the trend shifted as the price dipped to just above $83,800. A relief rally then pushed it to an intraday high of $85,238 just over four hours later.

Sentiment flipped immediately as bitcoin fell to $83,229 at approximately 10:05 a.m. EST. A subsequent relief rally carried the cryptocurrency to just under $84,000 before it gave up ground, slipping under $83,500. As of this writing, bitcoin was again pressing toward $84,000, little changed from 24 hours earlier.

Bitcoin’s muted price action helped cap leveraged position liquidations at $67 million, split between approximately $47 million in longs and $20 million in shorts. Across the broader crypto market, however, the ratio of wiped out longs to shorts narrowed as several altcoins trended higher, with a few posting double-digit gains. According to Coinglass data, total long liquidations exceeded $145 million, compared with $134 million in short positions.