Bitcoin long liquidations hit $280M as BTC price dips under $84K
Bitcoin was rejected near $87,000 and slipped toward $84,000 after failing a second breakout attempt, leaving price trapped in a tight intraday range. Liquidity built on both sides, and roughly $280 million in liquidations occurred over four hours. Traders are watching $82,000 as a key support level; losing it could risk a return to the broader $60,000–$80,000 range. The US spot Bitcoin ETF cohort sits near a cost basis just below $86,000, adding importance to the current zone. Onchain data still shows weak spot demand. CryptoQuant said negative spot demand has improved slightly, but futures demand continues to rise and most activity remains in derivatives. Its 30-day apparent spot demand was still around -180,000 BTC, meaning supply has outpaced demand. A sustained improvement in spot demand would be needed to support a stronger rally.
