Bitcoin price faced a strong bearish pressure due to increasing selling domination below $85K. As a result, BTC price dropped below Fib levels and touched a low of $81,134. However, buyers soon emerged and rebounded the price. Over the past 24 hours, Bitcoin’s trading volume has decreased by more than 10.84%, totaling $24.25 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 $85K. Over the last 24 hours, its total market capitalization dropped by 1.9%, settling at $1.62 trillion.
Bitcoin’s Faces $66 Million Liquidation
The cryptocurrency market is experiencing substantial volatility, with Bitcoin, the leading cryptocurrency, falling toward the $81K mark. However, buyers soon rebounded the price from this low and triggered a rebound toward $82.
Recent data from Coinglass reveals that Bitcoin saw nearly $66 million in total liquidations over the last 24 hours, with buyers liquidating $45 million and sellers around $21 million, indicating a significant increase in long liquidations.
However, the open interest for Bitcoin has surged by 0.73%, touching over $48.96 billion in the last 24 hours. Additionally, Bitcoin’s funding rate trades at +0.002%, indicating that buyers remain bullish. This could help buyers to continue pushing the BTC price upwards.
Bitcoin Price Prediction: Technical Analysis
Bitcoin’s price is experiencing strong bearish pressure as it dropped below immediate Fib levels toward $81K. Sellers plunged the price toward the low of $81,134 but buyers quickly rebounded the price toward $82K. Currently, Bitcoin trades at $81,744, reflecting a 2% drop in the past 24 hours.
The BTC/USDT trading pair will now aim for a retest of the $83,379 level. As buying pressure intensifies, buyers will continue to defend further decline. If Bitcoin surges above $83.3K, we might see a recovery toward $85,000.
On the other hand, if Bitcoin fails to meet buyers’ demand around $83.3K, we might see further decline toward the low of $79K.
Bitcoin Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, BTC price might aim for $83.3K. If it surges above that level, we might see $85,000. On the other hand, $79K is the lower range.
Long-term: According to the latest Bitcoin price prediction from Coincodex, the price of Bitcoin is expected to increase by 41.20% and reach $116,562 by April 17, 2025. Technical indicators from Coincodex indicate that the current market sentiment is Bearish, while the Fear & Greed Index shows a level of 34, signaling Fear. Over the past 30 days, Bitcoin has had 13 out of 30 green days, with a price volatility of 6.38%. Based on this forecast, it is currently considered a bad time to buy Bitcoin.
How much is Bitcoin price today?
Bitcoin price is trading at $81,722, at the time of writing. The BTC price has dropped by over 2% in the last 24 hours.
What is the BTC price prediction for March 18?
Throughout the day, BTC price might aim for $83.3K. If it surges above that level, we might see $85,000. On the other hand, $79K is the lower range.
Is Bitcoin a Good Buy Now?
According to long-term forecasts, Bitcoin price might reach $116,562 by April 17. 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.
