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Bitcoin (BTC) dipped below $84,000 on Wednesday as flash downside liquidated over $500 million in crypto long positions.
Key points:
- Bitcoin briefly dropped to $83,560 but held support at its 21-day moving average, which currently stands at $83,850.
- Analysis flagged 40x-leveraged BTC shorts on Hyperliquid appearing immediately before the downside ensued.
- Analysis by Rekt Capital viewed a daily or three-day close above $86,700 as necessary to confirm upside continuation.
Hyperliquid shorts in focus after BTC price drop
Data from TradingView showed BTC/USD falling up to 2.3% over two hourly candles before returning to circle $84,000 at the time of writing.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
The move came after overhead ask liquidity thickened on exchange order books, keeping spot price from rising past $86,500 on Tuesday. Cumulative 24-hour crypto long liquidations hit $550 million, per data from CoinGlass.
BTC/USD vs….
