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

Bitcoin long liquidations reached $280 million on Wednesday as the price of Bitcoin (BTC) dipped below $84,000, according to data from TradingView. The cryptocurrency briefly traded under $84,000 while analysts identified key support levels to hold. BTC was rejected near $87,000, with onchain data indicating negative spot demand.

TradingView's one-hour chart showed that the price fell to local lows under $84,000 during Wall Street's opening hours. Liquidations totaled $280 million over four hours prior to writing, as reported by CoinGlass.

Trader and analyst Rekt Capital suggested that bulls should aim to hold above $82,000 if the downward price structure breaks down, highlighting it as a level for bullish continuation. BTC faced a narrow intraday range, with liquidity thickening on both sides of the spot price. The current range could have implications for US spot Bitcoin ETFs, which have an aggregate cost basis just below $86,000, with the next consolidation area potentially at $90,000 due to profit-taking by traders.

Despite a 35% gain since August 17, Bitcoin continues to struggle to attract spot-market demand. Onchain analytics platform CryptoQuant noted that negative spot demand for Bitcoin remained largely confined to derivatives markets. CryptoQuant's latest research showed that while the negative value of $BTC spot demand slightly decreased, futures demand continued to increase, resulting in a slight recovery in total demand.

As of Tuesday, cumulative 30-day apparent spot demand for Bitcoin measured -180,000 BTC, indicating that supply outpaced demand during the 30-day period.