news.bitcoin.com
After calmly camping above the $87,000 handle, bitcoin slipped on a banana peel and fell through $85,000, tagging an intraday low of $84,231 as the price slid 3.7% in the past hour.
Path of Least Resistance Points Lower as Bitcoin Cracks Key Support
The crypto economy is off 5.29% and now clocks in at $2.87 trillion following $BTC’s latest pullback. The 3.7% drop hit at 9:48 a.m. EST and drifted to an intraday low of $84,231 around 10:45 a.m.
Roughly $15 billion more was piled into the day’s trading volume, though most of it leaned heavily toward sell pressure and profit taking after $BTC cleared $90,000 just a day earlier.
$BTC is catching heat from multiple directions, starting with the U.S. Federal Reserve’s hawkish posture after keeping the federal funds rate unchanged this week. Add to that growing anxiety over nation-state conflicts, including outright warfare and brewing trade battles. On top of it all, overleveraged long positions—paired with crowded long/short ratios—keep setting off liquidation chains in thin liquidity conditions.
Derivatives liquidations across the broader crypto market are edging toward $1 billion, with Coinglass logging $796.58 million so far today. About $307 million of that came from $BTC longs, $114 million from ETH longs, with the remaining damage spread across a mix of altcoin bets. Over the past 24 hours, 212,054 traders learned the hard way what forced exits feel like.
Also read: Metaplanet Lines up $137M to Continue Bitcoin Acquisitions
With momentum rattled and leverage flushed, traders are now staring down a market that’s reset its posture in a hurry. Whether this move proves to be a cooling-off period or a deeper shakeout will hinge on liquidity returning and macro nerves settling. For now, volatility is back in the driver’s seat—and it’s not tapping the brakes.
FAQ ⏱️
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Why did bitcoin fall below $85,000 today?
bitcoin dropped as heavy sell pressure, overleveraged positions, and hawkish Federal Reserve policy combined to pressure prices. -
How much was liquidated in the crypto market?
Nearly $1 billion in crypto derivatives positions were liquidated, with bitcoin and ethereum longs taking the largest hits. -
What role did the Federal Reserve play in the move?
The Fed’s decision to keep interest rates unchanged reinforced risk-off sentiment across crypto and broader markets. -
What does the path of least resistance mean for bitcoin now?
With leverage flushed and momentum weakened, bitcoin faces downside risk unless liquidity and buying interest return.