Bitcoin Dips Below $84K Again Amidst Russia Crypto Exchanges Debut
Bitcoin (BTC) price is down 3.11% in the last 24 hours to $83,577 on Wednesday, underperforming a flat S&P 500, driven by a cascade of leveraged long liquidations.
The world’s top digital asset price movement, however, shows a strong correlation (86.6%) with Gold, indicating a shared macro-driven move.
BTC’s failure to break above $87,000 triggered a sharp drop, liquidating approximately $487 million in leveraged long positions over 24 hours. This forced selling created a feedback loop, pushing prices from above $85,600 to below $84,000.
The market was overly optimistic and crowded with leveraged bets, making it vulnerable to a swift deleveraging event. A stabilisation in open interest and funding rates signals that liquidation pressure has subsided.
The sell-off occurred amid a risk-off shift in traditional markets, driven by rising oil prices above $101 and higher Treasury yields. Technically, Bitcoin was rejected at the $87,000 level for the third time, confirming it as strong resistance.
Broader financial conditions and a failure to overcome a key technical hurdle exacerbated the move. The immediate trend is bearish following the breakdown.
The key event is the release of the Federal Reserve’s September meeting minutes on 8 October, which could sway macro sentiment. If Bitcoin defends the $82,500 support (last touched 28 September), a recovery toward the $86,700 breakout level is possible.
A failure to hold $82,500 opens the door to a test of the next Fibonacci support near $79,700. The market is in a corrective phase, and direction hinges on holding a major support zone.
The combination of a leveraged washout and a deteriorating macro backdrop has shifted short-term momentum to the downside. Traders are watching if Bitcoin can find a bid and stabilise above the $82,500 support level in the next 24-48 hours, or the liquidation spiral continues.
The market hopes for a rebound as Russia’s central bank has officially registered the country’s first four cryptocurrency exchange operators and five digital asset custodians, including major financial institutions Sberbank and VTB Bank.
This follows a regulatory law that took effect on 1 September 2026. Sberbank has announced plans to launch trading products for Bitcoin, Ether, and USDT on its platforms starting 1 December 2026.
This is bullish for Bitcoin because it represents a significant step toward institutional adoption within a major economy, potentially opening new avenues for regulated demand. However, the law maintains a ban on using crypto for payments, limiting its utility as a medium of exchange
Bitcoin Price Ticks Up on Strive Asset Management Accumulation
