Live updates: Bitcoin’s round trip to $85,000 burns traders on both sides
Bitcoin gave back its run at $85,000 and broke below $82,500 as weak tech earnings soured the mood. XMR bucked the drop with an 11% jump.
Bitcoin experienced a dramatic price swing on Wednesday, reaching nearly $85,000 before plummeting back to around $81,800, resulting in a $3,000 round trip in just one day and a 2% decline over 24 hours. This volatility was evident in liquidations, with CoinGlass reporting approximately $431 million wiped out over the day, with $173 million alone impacting short sellers during the price surge.
The most significant loss was an $11.8 million long position on Binance, closed near $83,500. Other cryptocurrencies also took a hit, with Dogecoin (DOGE) down nearly 4% and Solana (SOL) falling 3%, while Ether (ETH) slipped 2% to just under $2,400. Despite the downward trend, XMR surged 11% to approximately $650. This price action brought Bitcoin below the $82,500 threshold, a level some analysts warn could open the door to a potential $70,000 drop if breached.
Tech stocks provided no respite, with the Nasdaq 100 futures falling 1.1% following Tesla's revised spending forecast and Lam Research's weakened outlook.
Written by urgent.news from CoinDesk's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
