Bitcoin price faced a strong bullish pressure due to increasing buying domination. As a result, BTC price surged above Fib levels and is now aiming for a break of the $85K resistance. Over the past 24 hours, Bitcoin’s trading volume has increased by more than 2.71%, totaling $24.52 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 surged by 2.7%, settling at $1.68 trillion.
Bitcoin’s Price Faces $46 Million Liquidation
The cryptocurrency market is experiencing substantial volatility, with Bitcoin, the leading cryptocurrency, aiming for a break above $85K.
Recent data from Coinglass reveals that Bitcoin saw nearly $46 million in total liquidations over the last 24 hours, with buyers liquidating $8 million and sellers around $38 million, indicating a significant increase in short liquidations.
Additionally, the open interest for Bitcoin has surged by 3%, touching over $50.2 billion in the last 24 hours. Additionally, Bitcoin’s funding rate trades at +0.0009%, 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 buying pressure as it surged above immediate Fib levels toward $85K. However, sellers are strongly defending a breakout, creating significant resistance around $85K. Currently, Bitcoin trades at $84,399, reflecting a 3% surge in the past 24 hours.
The BTC/USDT trading pair will now aim for a retest of the $85K level again. As buying pressure intensifies, buyers will continue to defend further decline. If Bitcoin surges above $85K, we might see a recovery toward $90,000.
On the other hand, if Bitcoin fails to meet buyers’ demand around $85K, 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 $85K. If it surges above that level, we might see $90,000. On the other hand, $79K is the lower range.
Long-term: According to Coincodex’s current Bitcoin price prediction, the price of Bitcoin is expected to increase by 40.08%, reaching $117,152 by April 18, 2025. The technical indicators from Coincodex show a bearish sentiment, while the Fear & Greed Index is currently at 32, indicating fear. In the past 30 days, Bitcoin has seen 13 green days, which is about 43% of the time, with a price volatility of 6.27%. Based on this forecast, it is currently considered an unfavorable time to purchase Bitcoin.
How much is Bitcoin price today?
Bitcoin price is trading at $84,399, at the time of writing. The BTC price has surged by over 3% in the last 24 hours.
What is the BTC price prediction for March 19?
Throughout the day, BTC price might aim for $85K. If it surges above that level, we might see $90,000. On the other hand, $79K is the lower range.
Is Bitcoin a Good Buy Now?
According to long-term forecasts, Bitcoin price might reach $117,152 by April 18. 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.
