Bitcoin was unable to hold near $87,000 and started falling due to insufficient demand in the spot market: the 30-day cumulative spot demand metric remained at around minus 180,000 BTC. This means that the supply of coins on the market still exceeds the actual demand for them. Cointelegraph reports this.

Traders placed a bet on further growth

Against this backdrop, a significant portion of futures market traders continued opening positions for further Bitcoin growth.

After breaking above $82K, market participants added more than $2 billion in futures positions, and open interest exceeded $31 billion.

When Bitcoin reversed down and fell below $84K, excessive leverage started working against buyers. In just four hours, around $280 million in long positions was liquidated.

That is, part of the decline was a result not only of selling Bitcoin itself, but also of forced position closures by traders who had bet on further growth.

Will the $82,000 level hold?

Now the market’s attention is focused on the $82K level. According to trader and analyst Rekt Capital, to continue Bitcoin’s uptrend, it’s important to hold this level or successfully test it as support after a possible decline. Losing $82K could mean the cryptocurrency returns to the wider $60–80K range.

Thus, the main question for the market now is whether sufficient real demand will appear in the spot market to absorb the supply and support the price. If this does not happen, the high level of futures leverage will continue to create the risk of new liquidation waves.