Bitcoin Falls Below $84K After Failed Breakout at $87K

Bitcoin slipped below the $84,000 mark on Wednesday, erasing the gains it had made earlier in the day and triggering a wave of long liquidations.

Key Resistance Rejection

The cryptocurrency briefly breached $87,000 for the second time this week, adding nearly $2,000 in under 12 hours. However, it could not sustain the breakout and fell back, finding temporary support just under $85,300 before a sharper decline set in.

Price Action and Liquidations

After a brief rally to $86,000, Bitcoin dropped $2,000 within 30 minutes, hitting an intraday low of $83,508. A short-lived bounce to $84,800 failed to reverse the trend, and the price settled just above $84,000 by midday.

Coinglass data shows the sell‑off wiped out $423 million in long positions, accounting for roughly three‑quarters of the $171 million in leveraged Bitcoin positions liquidated in 24 hours. The broader crypto market saw about $441 million in long liquidations versus $142 million in short liquidations.

Analyst Perspective

Analyst Rekt Capital described the move as a classic “post‑rejection retest,” noting that Bitcoin’s inability to close above $87,000 keeps that level a macro resistance zone. He said a hold near $80,000 would be needed to confirm a breakout, while the current stabilization above $84,000 may signal the formation of a higher low.

Market Impact

The decline trimmed Bitcoin’s market valuation from $1.74 trillion to under $1.7 trillion, pushing the total cryptocurrency market cap back below $3 trillion.