Bitcoin price faced a strong bearish momentum due to increasing selling pressure. As a result, Bitcoin initiated a severe downturn after failing to surge above $88K. This resulted in a bearish domination that plunged the BTC price below $84K. Over the past 24 hours, Bitcoin’s trading volume has dropped by more than 26%, totaling $32.76 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 facing increased volatility below $90K. Over the last 24 hours, its total market capitalization dropped by 4.3%, settling at $1.65 trillion.
Bitcoin’s Downtrend Accelerates
Bitcoin dropped on Friday due to rising worries among investors as global trade tensions grew. This tension increased after the U.S. announced plans to introduce new tariffs and released a key inflation report for February that was higher than expected.
On Wednesday, U.S. President Donald Trump announced a 25% tariff on imported cars and car parts, set to start on April 2. In response, Canadian Prime Minister Mark Carney stated that Canada’s trade relationship with the U.S. was effectively “over” and called for renegotiating trade agreements between the two countries. Carney also promised to retaliate if these new U.S. tariffs were enforced.
Additionally, Trump is planning more tariffs targeting other countries with large trade imbalances with the U.S., starting April 2.
These moves have increased fears among investors about a potential global trade war, causing Bitcoin’s price to fall sharply.
Recent data from Coinglass reveals that Bitcoin saw nearly $118 million in total liquidations over the last 24 hours, with buyers liquidating $107 million and sellers around $11 million, indicating a significant increase in long liquidations.
Additionally, the open interest for Bitcoin has dropped by 1.6%, touching around $56.5 billion in the last 24 hours. However, Bitcoin’s funding rate trades at +0.008%, indicating that buyers might soon gain control. This could help buyers to prevent the ongoing bearish momentum.
Bitcoin Price Prediction: Technical Analysis
Bitcoin recently faced strong selling pressure, causing it to drop below important Fibonacci support levels and reach a low beneath $84,000. Currently trading near $83,630, Bitcoin has declined by about 4.1% in the last 24 hours.
Sellers are actively defending the key resistance level at $85,000, trying to prevent prices from recovering. However, buyers haven’t given up yet and are gearing up for another attempt to reclaim this significant price level.
If buyers succeed in pushing Bitcoin back above $85,000, market confidence may improve, opening the door for further gains toward the next major target around $90,000.
On the other hand, if buyers fail to break this critical resistance, Bitcoin might face additional selling pressure, potentially pulling it back toward the support area between $81,000 and $85,000.
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, $81K-$85K is the lower range.
Long-term: According to Coincodex’s current Bitcoin price prediction, Bitcoin is expected to increase by approximately 37.38%, potentially reaching $117,044 by April 27, 2025. Coincodex’s technical indicators currently suggest a bearish market sentiment, while the Fear & Greed Index is at 0, indicating extreme fear among investors. Over the past 30 days, Bitcoin has seen 15 out of 30 (50%) green trading days, with a price volatility of 3.01%. Based on Coincodex’s analysis, now is not considered a good time to buy Bitcoin.
How much is Bitcoin price today?
Bitcoin price is trading at $83,630, at the time of writing. The BTC price has dropped by over 4.1% in the last 24 hours.
What is the BTC price prediction for March 28?
Throughout the day, BTC price might aim for $85K. If it surges above that level, we might see $90,000. On the other hand, $81K-$85K is the lower range.
Is Bitcoin a Good Buy Now?
According to long-term forecasts, Bitcoin price might reach $117,044 by April 27. 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.
