Bitcoin surged above $87,000 on Friday for the first time in roughly ten days, driven by positive US macro developments, only to tumble below $84,000 within hours, triggering nearly $600 million in liquidations across the market, predominantly from long positions. Analyst Ali Martinez noted that whales sold over 30,000 BTC during the rally, and that the $87,000 zone aligns with the upper boundary of a technical channel that has repeatedly rejected the cryptocurrency for over two weeks. The $82,500 level at the channel’s lower end now represents the immediate downside target. Glassnode data confirms that investors who bought between $89,000 and $97,000 over the past two years are also offloading significant quantities of their BTC holdings.
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