On October 7, Bitcoin $BTC plunged straight through the $84,000 mark, falling more than 2% intraday and bottoming around $83,560. In the past 24 hours, more than $550 million was liquidated, mainly among long positions, and over 100,000 people were liquidated. The timing of the drop is worth pondering—during the same period, international oil prices surged and gold and silver dumped. The market has pointed to escalating tensions involving Iran in the Strait of Hormuz, with risk-off sentiment overwhelming risk assets. From a technical perspective, $84,000 is viewed by many institutions as a "bearish victory line." The 21-day moving average around $83,850 provides the first layer of support, and below that lies $82,500.
My view: this round looks more like a combination of "macro risk-hedging + leverage cleanup," rather than a break in crypto's own narrative. Before the selloff, four wallets opened short positions with 40x leverage totaling 148 BTC, suggesting a squeeze set up in advance—not indiscriminate panic selling. I lean toward the idea that as long as the 21-day line holds, the probability of range-bound consolidation is clearly higher than a trend reversal. The real psychological line is $80,000, not $84,000—$84,000 is just the pain point for leverage, while $80,000 is where positions hurt.
The signal longs truly need to see is the daily chart—and even better, consecutive three-day closes—reclaiming and holding above $86,700. Only then can it be called an uptrend continuation; otherwise, every rebound is just replenishment for the shorts.
Are you long or short? At $83,500, do you dare to step in and buy?
#Bitcoin breaks below $84,000
My view: this round looks more like a combination of "macro risk-hedging + leverage cleanup," rather than a break in crypto's own narrative. Before the selloff, four wallets opened short positions with 40x leverage totaling 148 BTC, suggesting a squeeze set up in advance—not indiscriminate panic selling. I lean toward the idea that as long as the 21-day line holds, the probability of range-bound consolidation is clearly higher than a trend reversal. The real psychological line is $80,000, not $84,000—$84,000 is just the pain point for leverage, while $80,000 is where positions hurt.
The signal longs truly need to see is the daily chart—and even better, consecutive three-day closes—reclaiming and holding above $86,700. Only then can it be called an uptrend continuation; otherwise, every rebound is just replenishment for the shorts.
Are you long or short? At $83,500, do you dare to step in and buy?
#Bitcoin breaks below $84,000