Bitfinex Blog/
Bitcoin’s Next Move Hinges on $84,000
Bitcoin (BTC) is testing the critical $84,000 support level, which represents a significant on-chain cost-basis cluster where 1.72 million BTC (8.6% of supply) was acquired. A break below this level could lead to a rapid decline toward $81,300 due to thin supply between $81,000 and $84,000. Market positioning is currently leaning net short, net long liquidations reached $417.6 million in 24 hours. ETF demand has moderated from mid-September averages to approximately $35 million per day.
Read the original report at Bitfinex BlogWhy It Matters
The $84,000 level acts as a major inflection point for network profitability; falling below it reduces the supply in profit from 75.7% to 70%. The level also serves as a key psychological and structural support for the immediate consolidation range.