Bitcoin long liquidations mounted as BTC/USD briefly traded below $84,000, while analysis flagged key support to hold.
Bitcoin (BTC) was rejected near $87,000 on Wednesday as onchain data showed negative spot demand.
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.
BTC/USD one-week chart. Source: Rekt Capital on X.com
As Cointelegraph reported, the current range has implications for certain investor cohorts. The US spot Bitcoin exchange-traded funds (ETFs) have their aggregate cost basis at just below $86,000.
Earlier, analysis highlighted $90,000 as the likely next area in which BTC/USD will consolidate due to the increased likelihood of profit-taking by traders.
Despite gaining over 35% since the week beginning Aug. 17, Bitcoin faces an ongoing struggle to attract spot-market demand.
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