Bitcoin dropped below $81K before recovering to $83,500, triggering $800M in liquidations across 173,611 traders.
Macro & Markets ·
Bitcoin experienced sharp intraday swings early in the week, initially rejected near $84,000 before falling over $3,000 to lows around $80,850, then recovering to approximately $83,500 within hours. The moves triggered $810 million in liquidations across 173,611 traders, with long positions accounting for roughly 85% of the wrecked positions. The single largest liquidation on Binance exceeded $9.6 million.
The volatility followed a broader recovery arc in which Bitcoin had climbed from an 18-day low of $80,400 reached at the end of the prior week. The asset had rebounded to $83,000 over the weekend and attempted to breach $84,000 on Monday before encountering selling pressure. Most major altcoins mirrored the pattern; Ethereum dipped to $2,410 before recovering $100, while XRP fell to $1.31 and rebounded to $1.36, though it remained down over 3% on the day after being rejected at $1.40.
The causes behind the rejection at $84,000 and the subsequent cascade remain unspecified in available reporting. Whether the move reflects profit-taking, macro headwinds, or technical selling is not yet established.