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Bitcoin drops over 3% to $83,000 after losing key support; $394 million liquidated in one hour
The drop followed a break below key support and a leveraged unwind that forced about $394 million in long positions to close, traders said.
- On Wednesday, Bitcoin fell toward $83,000 after failing to sustain gains above $86,000, stalling near $87,000 as market momentum weakened.
- Rising U.S. Treasury yields, with the 10-year note climbing toward 5.34%, pressured risk assets and kept Bitcoin rangebound between $82,000 and $85,000 throughout the week.
- A sharp market pullback triggered over $487.2 million in liquidations, while ZEC fell 12% to about $1,380, the steepest decline among major tokens.
- Oil prices climbed amid Middle East tensions, adding macro uncertainty while crypto-linked equities like Coinbase and Robinhood gained approximately 2%.
- Federal Reserve meeting minutes due Wednesday will provide clarity for investors, though FxPro analyst Alex Kuptsikevich warns a sustained return below $80,000 could signal the market is not ready to move higher.
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The cryptocurrency market is showing weakness, failing to find upward momentum. According to CoinMarketCap, a global cryptocurrency market data site, on the 8th, Bitcoin was trading at $83,350 as of 8:20 AM. This is a 2.43% decrease from the previous day. Ethereum, the second-largest cryptocurrency by market capitalization, fell 4.43% to $2,576, while XRP is trading at $1.42, down 5.24%. Cryptocurrency market
Bitcoin drops over 3% to $83,000 after losing key support; $394 million liquidated in one hour
Bitcoin fell nearly 3% toward $83,000 after losing key on-chain support, while Ethereum dropped over 5%. A sharp leveraged sell-off triggered major liquidations, with analysts citing macro uncertainty, derivatives unwinding and weakening technical levels as pressures on crypto markets.
·Mumbai, India
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C 55%
R 45%
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