Bitcoin Trades Near $87,000 After $66.52 Million Liquidation Event Triggers Oversold Signal

Bitcoin is trading around $87,000 following a sharp sell-off that triggered $66.52 million in liquidations, with short positions accounting for $43.53 million of losses. The Relative Strength Index has dropped to levels seen only six times in Bitcoin's history, conditions that have historically preceded strong reversals. Analysts remain divided on the outlook, with some projecting potential declines toward $40,000 based on monthly MACD patterns, while others view current conditions as a long-term accumulation zone.