Bitcoin threatens breakdown below $84,000 as long liquidations spike

Bitcoin briefly traded below $84,000 around Wednesday's Wall Street open. Long liquidations reached $280 million over four hours. TradingView data showed Bitcoin had faced a second attempt to break above $87,000 before falling below $84,000. Rekt Capital said Bitcoin would need to stay above about $82,000 or successfully retest that level on a future dip. US spot Bitcoin exchange-traded funds had an aggregate cost basis just below $86,000. Earlier analysis identified $90,000 as the likely next consolidation area. Bitcoin gained over 35% since the week beginning Aug. 17. CryptoQuant said interest remained largely confined to derivatives markets. CryptoQuant said negative spot demand had narrowed slightly and futures demand continued to increase. Cumulative 30-day apparent spot demand measured -180,000 BTC as of Tuesday. Negative values indicate that supply exceeded demand during the 30-day lookback period. CryptoQuant said total demand showed a slight recovery from the previous day.