Bitcoin (BTC) briefly dropped below $84,000 at the start of Wall Street trading on Wednesday after a second failed attempt to break through $87,000, resulting in approximately $280 million in long position liquidations over four hours.

The move occurred within a narrow intraday range, with liquidity building on both sides of the spot price as market participants attempted to trigger a breakout from the sideways trend.

Key Support at $82,000 Amid Risk of Return to $60,000–$80,000

Analysis identifies $82,000 as an important level to hold if the price declines further. Losing this level could increase the likelihood of a return to the $60,000–$80,000 range, while holding or retesting $82,000 is necessary to sustain the upward momentum.

Spot Demand Remains Negative, Futures Demand Grows

According to CryptoQuant, investor interest is primarily focused on derivatives: as of Tuesday, the cumulative 30-day spot demand stood at -180,000 BTC. Meanwhile, futures demand continues to rise, and overall demand has shown a slight recovery compared to the previous day. The platform estimates that if the current momentum continues, the spot indicator could move into positive territory.

Spot Bitcoin ETF Cost Basis Just Below $86,000

The current price range is significant for some investors: the aggregated cost basis for U.S. spot bitcoin ETFs is slightly below $86,000. Previous analysis also highlighted $90,000 as a likely next consolidation zone due to the increased probability of profit-taking.