Bitcoin rallied above $87,000 on Friday amid positive macro developments in the US economy, but quickly reversed and fell below $84,000. The move triggered nearly $600 million in liquidations across the crypto market, most involving long positions. Analyst Ali Martinez said the rally was compromised as whales sold more than 30,000 BTC while bitcoin rose toward $87,200. He also pointed to $87,000 as the upper boundary of a channel that has rejected bitcoin repeatedly for more than two weeks, with the channel’s lower boundary near $82,500 representing his immediate downside target. Bitcoin reached $83,500 the previous day and remains about $2,000 above that level. Glassnode said selling has also come from investors who accumulated bitcoin one to two years ago near $97,000 and those who bought during the past six to 12 months near $89,000. The analytics firm said buyers from the 2025 rally were selling more coins per day this year, while investors who bought the decline were not. Martinez said continued selling could confirm an opportunity to buy near $82,500 and target another move toward $87,000. Separately, Daan Crypto Trades warned before the US jobs report that bitcoin open interest (the value of outstanding derivatives positions) had risen above $1.3 billion in a few days, largely because traders added long positions during the climb. He identified $85,500 to $86,000 as a vulnerable area and said a break below it could force those positions out. Friday’s correction and nearly $600 million in liquidations indicate that most of those late long positions have now been removed, Daan said.