Bitcoin Price Update: Bearish Pressure and Volatility

Bitcoin price faced strong bearish pressure due to increased selling below $85K, dropping to a low of $81,500. However, buyers quickly emerged, pushing the price back up. Over the past 24 hours, Bitcoin’s trading volume increased by over 8.6%, totaling $70.25 billion.

On January 7, Bitcoin fell below $100,000, continuing a downward trend with a low of about $89,397 on January 13 and another drop to approximately $91K on February 3. Despite this, Bitcoin’s market capitalization surged by 1.1% to settle at $1.74 trillion.

Bitcoin Faces $350 Million Liquidation

The cryptocurrency market remains volatile, with Bitcoin falling below $81.5K before bouncing back toward $88K. Data from Coinglass indicates that Bitcoin saw nearly $350 million in liquidations within the last 24 hours, with buyers liquidating $240 million and sellers about $110 million, highlighting significant long liquidations.

Additionally, Bitcoin’s open interest decreased by 3.7%, sitting at over $48.5 billion in the last day, while its funding rate stands at +0.002%, suggesting ongoing bullish sentiment among buyers, potentially aiding further price increases.

Bitcoin Price Prediction: Technical Analysis

Despite recent bearish moves, Bitcoin’s price shows bullish signs as it aims to surge above immediate Fibonacci levels. After dipping to $81.5K, the rebound to $88K has brought Bitcoin’s current price to $87,409, reflecting a 1.1% increase over the past day. The BTC/USDT pair now aims for a retest of the $95K level. If buyers maintain strength above this, there could be a recovery toward $100,000. Conversely, failure to reach that demand could see a decline toward $81K.

Bitcoin Price Prediction: Future Expectations

Short-term: per BlockchainReporter, BTC may target $95K, and if surpassing that, potentially $100,000; downside pressure rests at $81K.

Long-term: According to Coincodex, Bitcoin’s price is predicted to rise by 35.22%, reaching $112,726 by April 3, 2025. Technical indicators show a currently bearish sentiment, with the Fear & Greed Index at 15, reflecting extreme fear. Over the last month, Bitcoin observed 13 out of 30 (43%) green days with a volatility rate of 4.80%. Based on this forecast, it may not be an ideal time to purchase Bitcoin.

Investment Risks for Bitcoin

Investing in Bitcoin poses various risks due to market volatility. Investors should:

• Conduct technical and on-chain analysis.
• Evaluate their financial situation and risk tolerance.
• Seek advice from financial advisors if necessary.