Bitcoin remained below $84,000 after dropping through the level in two separate moves, first during the Asia trading session and then again at the U.S. open. The market has yet to reclaim that price. Hours before the decline, a Bitfinex research note described $84,000 as the largest cost-basis cluster in the market, putting added focus on the level as traders watched price action unfold. During the sell-off, funding rates stayed near zero across OKX, Deribit and Hyperliquid, suggesting no notable directional premium built up in perpetual futures pricing at those venues. The broader market also showed limited strength, with only nine of the top 125 tokens posting gains over the period covered by the report.
Bitcoin remained below $84,000 after slipping through the level in two stages, first in the Asia session and then again at the U.S. open. It has not reclaimed that mark.
$84,000 drew attention as a key cost-basis cluster
Hours before the move lower, a Bitfinex research note said $84,000 was the market's largest cost-basis cluster.
Funding rates stayed near zero during the drop
Funding rates were near zero across OKX, Deribit and Hyperliquid as Bitcoin moved lower.
Only nine of the top 125 tokens were up.
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