Bitcoin long liquidations hit $280M as BTC price dips under $84K

Bitcoin (BTC) was rejected near $87,000 on Wednesday as onchain data showed negative spot demand.

Key points:

• Bitcoin suffered a correction below $84,000 around Wednesday’s Wall Street open, causing $280 million in long liquidations over the course of four hours.
• Analysis saw $82,000 as key support to hold in the event of a further breakdown.
• Bitcoin cumulative spot demand remained negative on a rolling 30-day time frame

BTC price falls toward $84,000, nears week-to-date low 

Data from TradingView tracked a second attempt to break beyond $87,000 before BTC/USD fell to local lows under $84,000 into the Wall Street open.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

These levels marked the upper and lower boundaries of a narrow intraday range. Liquidity thickened on both sides of the spot price as traders attempted to force a breakout from the sideways range. Data from CoinGlass tallied liquidations over the four hours prior to the time of writing at $280 million.

BTC liquidation heatmap. Source: CoinGlass

Commenting on the current landscape, trader and analyst Rekt Capital flagged $82,000 as a level for bulls to hold should the low-timeframe structure break down.

“For bullish continuation and to avoid reverting back into the $60k-$80k Range, Bitcoin would need to stay above or at minimum successfully retest ~$82k on any future dip,” he wrote in a post on X.