Bitcoin Plunges Below $84K: $750M Liquidations Trigger Crypto Chaos – Key Support Levels to Watch

Alert: Bitcoin just smashed through $85K and tested $84K lows, wiping out over $750 million in long positions in the last 24 hours alone. As @CryptoWhale blasted on X, 'JUST IN: Bitcoin just dropped below $84,000.' This sharp correction has traders scrambling amid a brutal risk-off wave, breaking key technical supports and fueling viral debates on downside risks. Is this the start of a bigger pullback?

Let's break it down. Bitcoin's plunge erased recent gains, dipping to $83,369 – a 6.66% drop in 24 hours. @Karman_1s captured the frenzy: '$Bitcoin drops into the $84K range as $450M in crypto liquidations hit the market within 90 minutes.' Total liquidations topped $650M in bullish bets, per CoinGlass data cited across reports. Technically, BTC shattered the $84,099 ETF cost basis and True Market Mean, eyeing November 2025 lows around $80K. CoinDesk warns a sustained break below $80K could drag it to April's $76K tariff tantrum bottoms. Perpetual funding rates flipped negative across majors like ETH, SOL, and XRP – a classic signal of bearish bets, but historically, it flags short-term bottoms as shorts get squeezed. What's driving this? Broader markets are tanking on weak earnings, U.S.-Iran tensions, and government shutdown fears. Equities, gold, even metals sold off hard, forcing hedge funds and CTAs to unwind. Crypto spot volumes halved to $900B from last year's peaks, showing fading hype. @KobeissiLetter noted $500M longs liquidated in just 4 hours – pure cascade pain.

The fallout is savage. Ether cratered 8.48% to $2,758, Solana 8% to $115, XRP 6.93% to $1.79. Altcoins bled harder, amplifying BTC's dominance dip. This marks BTC's potential fourth straight monthly loss – unseen since 2019, rarer than 2022's winter. Risk assets retreated en masse, with $796M total liqs in some tallies. Traders are fleeing leverage, volumes spiking on fear, but it creates liquidity voids for wild swings.

Painful as it is, crypto winters forge legends – and this dip screams opportunity for diamond hands. Negative funding hints at a reversal brewing; watch $80K fiercely. If Fed eases, BTC could rocket past $90K resistance. Stay vigilant, stack sats on weakness, and remember: volatility is Bitcoin's superpower. The bull run's just pausing for breath.