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 $81,500. However, buyers soon emerged and rebounded the price. Over the past 24 hours, Bitcoin’s trading volume has increased by more than 8.6%, totalling $70.25 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. Over the last 24 hours, its total market capitalization surged by 1.1%, settling at $1.74 trillion.
Bitcoin’s Faces $350 Million Liquidation
The cryptocurrency market is experiencing substantial volatility, with Bitcoin, the leading cryptocurrency, falling below the $81.5K mark. However, buyers soon rebounded the price from this low and triggered a strong rebound toward $88K.
Recent data from Coinglass reveals that Bitcoin saw nearly $350 million in total liquidations over the last 24 hours, with buyers liquidating $240 million and sellers around $110 million, indicating a significant increase in long liquidations.
Additionally, the open interest for Bitcoin has dropped by 3.7%, touching over $48.5 billion in the last 24 hours. However, 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 bullish pressure as it continues to surge above immediate Fib levels. Sellers plunged the price toward the low of $81.5K but buyers quickly rebounded the price toward $88K. Currently, Bitcoin trades at $87,409, reflecting a 1.1% increase in the past 24 hours.
The BTC/USDT trading pair will now aim for a retest of the $95K level. As buying pressure intensifies, buyers will continue to defend further decline. If Bitcoin surges above $95K, we might see a recovery toward $100,000.
On the other hand, if Bitcoin fails to meet buyers’ demand around $95K, we might see further decline toward the low of $81K.
Bitcoin Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, BTC price might aim for $95K. If it surges above that level, we might see $100,000. On the other hand, $81K is the lower range.
Long-term: According to Coincodex’s Bitcoin price prediction, the price of Bitcoin is expected to increase by 35.22% and reach $112,726 by April 3, 2025. Their technical indicators suggest a bearish current sentiment, and the Fear & Greed Index shows a level of 15, indicating extreme fear. Bitcoin has experienced 13 out of 30 (43%) green days with a price volatility of 4.80% over the last month. Based on Coincodex’s forecast, it is currently not a good time to buy Bitcoin.
How much is Bitcoin price today?
Bitcoin price is trading at $87,409, at the time of writing. The BTC price has surged by over 1.1% in the last 24 hours.
What is the BTC price prediction for March 4?
Throughout the day, BTC price might aim for $95K. If it surges above that level, we might see $100,000. On the other hand, $81K is the lower range.
Is Bitcoin a Good Buy Now?
According to long-term forecasts, Bitcoin price might reach $112,726 by April 3. 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.
