Bitcoin drops 10% after long-term holders sold at $84,600 — $75K downside risk

Bitcoin fell more than 10% from its late-January highs, briefly dipping below $81,000 before stabilizing above $82,300, after long-term holders sold near $84,600 and liquidations accelerated, BeInCrypto reported. In 24 hours the market recorded over $1.7 billion in liquidations, with Bitcoin accounting for nearly $800 million in long liquidations; BTC remained down more than 6% day-on-day.

The sell-off began with heavy spot selling and a breakdown of a key on-chain ownership zone. The daily chart printed the largest red volume candle since early December, and Bitcoin slipped below the $84,600 support level into a dense UTXO Realized Price Distribution (URPD) cluster around $84,569 (3.11% of supply) and $83,307 (2.61% of supply), per the article.

Glassnode data cited by the article shows long-term holders began selling into that cluster: on January 29 their 30-day net position change fell to -144,684 BTC, the largest monthly outflow in the period. At the same time some surface metrics looked healthy — Hodler Net Position Change showed about +16,358 BTC over 30 days and whale balances were rising — which masked the underlying risk as mid-term holders and big wallets were still buying while long-term holders distributed.

The analysis says derivatives did not start the crash but amplified it after structure broke: once the $84,600 floor failed, liquidations surged.

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