Bitcoin crashes to $84k, sparking $800m in crypto liquidations
Bitcoin fell below $85,000 and touched a low of $84,250. According to CoinGlass data, total liquidity in the last 24 hours reached $804 million. The crash happened on Thursday when gold fell above $5,500.
Cryptocurrency markets saw sharp risk-off activity on Thursday, with Bitcoin sliding to a low of $84,250.
The selloff swept through major tokens, sending shockwaves through the crypto derivatives market.
Long positions bore the brunt of the move, pushing total liquidity over $800 million over the past 24 hours.
The metal has recently retreated above $5,500 after a sudden reversal in gold prices.
Analysts have cited growing macroeconomic and geopolitical tensions as the main reasons for the sudden shift in sentiment.
Bitcoin tanks when you get gold
Bitcoin struggled to reclaim the $90,000 support level, while gold added a short step to that mark.
During trading in Asia and early Europe on January 29, the cryptocurrency began a steady decline, slipping below $88,000.
Selling accelerated as the US session opened, with Bitcoin sliding in above-average trading.
The selloff pushed the benchmark asset to an intraday low of nearly $84,000, its weakest level since December 2025.
A bear test was seen in the same area in November, a move that may have prompted at least one large holder to sell around 200 BTC.
Over the past 24 hours, Bitcoin has dropped about 5%.
The broad market sell-off pushed Ethereum to $2,800, XRP to $1.79 and Solana below $120.
Crypto investor Ted writes on X that the recent crash has left Bitcoin trading at a critical technical level.
$BTC is now back in a strong support zone.
Between the $80,000-$84,000 range, bids were made for approximately $140,000,000.
If this zone is lost, Bitcoin will go straight to the April 2025 low. pic.twitter.com/QBbW294Rc0
— Ted (@TedPillows) January 29, 2026
Bitcoin sales opened amid a broader shift to risk aversion in global markets.
Stocks moved lower, led by a sharp decline in Microsoft shares, while investors reacted to a sudden shift in precious metals.
Gold, which reached a high of more than 5,500 ounces last Thursday, reversed course and fell to $5,300. Silver also retreated sharply from recent highs.
Analysts say the move reflects macroeconomic pressures and heightened geopolitical concerns, including rising tensions between the US and Iran.
The Federal Reserve's decision on Wednesday to hold interest rates on hold until late 2026, along with guidance that indicated it could be delayed until late 2026, weighed more heavily on riskier assets, prompting investors to choose short-term cash positions over digital assets or traditional safe havens.
More than 800 million dollars in excess of liquid derivatives has fallen
Bitcoin's sharp decline was reflected in the primary market, where leveraged positions were not significantly wounded.
Data from crypto analytics platform Coinglass shows that more than $800 million has been wiped out on positions in the spot and futures markets in the past 24 hours, with most of the losses borne by long traders.
Bitcoin alone recorded $332 million in outflows during this period, of which more than $318 million were long positions, the data showed.
While the sell-off and liquidity are lower than the market displacement seen on October 10, 2025, analysts say the scenario reflects continued weakness in market conditions.
