Bitcoin price faced a bullish pressure due to increasing buying pressure around current resistance levels. As a result, BTC price surged toward $85K but faced a minor correction later. Over the past 24 hours, Bitcoin’s trading volume has dropped by more than 28.13%, totaling $41.11 billion.
In a broader perspective, Bitcoin fell below $100,000 on January 7 and showed a downward trend. It reached a low of approximately $89,397 on January 13. On Feb 3, Bitcoin again crashed and reached a low near $91K. In recent days, the price has been on a severe downtrend below $80K; however, it is aiming for a recovery. Over the last 24 hours, its total market capitalization dropped by 0.3%, settling at $1.64 trillion.
Bitcoin’s Long/Short Ratio Holds Above 1
Today, Bitcoin’s price neared $85K, driven by a duo of bullish developments: unexpectedly mild US inflation figures and diminishing tensions between Russia and Ukraine.
The recent Consumer Price Index (CPI) report released by the US Bureau of Labor Statistics revealed a more substantial slowdown in inflation than anticipated. This news encouraged a surge in Bitcoin buying, especially among investors who closely track macroeconomic trends.
Earlier in March, when President Donald Trump declared tariffs, many traders pulled back from riskier assets, wary of a potentially aggressive Federal Reserve (Fed) reaction to anticipated inflation pressures.
Now, as inflation worries drop, investors are shifting their capital back to Bitcoin, boosting its chances for a near-term recovery.
Recent data from Coinglass reveals that Bitcoin saw nearly $105.85 million in total liquidations over the last 24 hours, with buyers liquidating $62.5 million and sellers around $43.3 million, indicating a significant increase in long liquidations. Additionally, the open interest for Bitcoin has dropped by 0.88%, touching over $46.7 billion in the last 24 hours.
However, Bitcoin’s long/short ratio has been surging as it now trades at 1.02. This shows that over 50% of total positions are expecting the BTC price to surge upward.
Bitcoin Price Prediction: Technical Analysis
Bitcoin is currently under a strong bullish grip, targeting a stable position above the $85K mark. However, after peaking near $84,539, it encountered resistance and slid below key levels. Now, Bitcoin is facing repeated rejections as bears actively prevent any upward movements. At the moment, Bitcoin is trading at $82,919, down by 0.4% over the last 24 hours.
Looking ahead, the BTC/USDT pair is poised to challenge the resistance zone that stretches up to $95K. With increased buying momentum, supporters are likely to thwart further declines. Should Bitcoin breach the $90K threshold, it could pave the way for a push towards $95,000.
Conversely, if Bitcoin cannot sustain buying interest around the $87K mark, it risks a potential fallback to a low of $75,000.
Bitcoin Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, BTC price might aim for $85K-$90K. If it surges above that level, we might see $95,000. On the other hand, $75K is the lower range.
Long-term: According to a Bitcoin price prediction by Coincodex, the price of Bitcoin is expected to increase by 32.51%, reaching $111,025 by April 11, 2025. Coincodex’s technical indicators suggest that the current market sentiment is bearish, while the Fear & Greed Index indicates a level of 34, classified as ‘Fear’. Over the past 30 days, Bitcoin has seen 13 green days, representing 43% of the time, with a price volatility of 6.22%. Based on these forecasts, it is currently considered a poor time to buy Bitcoin.
How much is Bitcoin price today?
Bitcoin price is trading at $82,919, at the time of writing. The BTC price has surged by over 0.4% in the last 24 hours.
What is the BTC price prediction for March 12?
Throughout the day, BTC price might aim for $85K-$90K. If it surges above that level, we might see $95,000. On the other hand, $75K is the lower range.
Is Bitcoin a Good Buy Now?
According to long-term forecasts, Bitcoin price might reach $111,025 by April 11. This makes BTC price a good investment considering its monthly yield.
Investment Risks for Bitcoin
Investing in Bitcoin can be risky due to market volatility. Investors should:
- Conduct technical and on-chain analysis.
- Assess their financial situation and risk tolerance.
- Consult with financial advisors if necessary.
