Bitcoin price stalls near $84,000 as $80 million in long liquidations hit

Bitcoin held near $84,000 on Thursday following a rapid decline from $87,000, with intraday swings between a low of about $82,870 and a high of $84,830.

Price action and market impact

The cryptocurrency recovered to $84,000 around 9:35 a.m. EST, rose to $84,830 an hour later, then fell to $83,500 before climbing back to $84,180 by 12:10 p.m. The month‑to‑date gain stayed just above 6 % and market capitalization remained around $1.69 trillion.

Liquidations

Out of $110 million in liquidated leveraged positions, more than $80 million were long bets, marking the second consecutive day that longs comprised the larger share of liquidations. In the broader crypto market, long liquidations represented roughly two‑thirds of the $332 million total wiped out.

Technical outlook

Analysts are divided:

• Bullish view: An inverse head‑and‑shoulders pattern may be forming, with the neckline near the current price. A breakout above $86,000 could trigger a rally toward $100,000.
• Bearish view: Rejection at the $87,300 resistance suggests focus on support between $80,000 and $82,000. A break below $80,000 on the four‑hour chart could lead to further declines toward $73,000‑$74,000 and possibly $62,000.