Bitcoin Price Crashes to $83K: Will the Sell-Off Continue to $76K?

With the liquidations in the crypto market rising to $1B, Bitcoin has failed to sustain its bullish momentum. Breaching the $84,000 support level, BTC price has marked the 24-hour low at $82,450. 

With the increasing bearish pressure over the crypto market, Bitcoin’s price is struggling to sustain dominance at key support levels. Will the rising troubles for bulls lead to a retest to $76,000 levels in BTC pricing?

Bitcoin Price Analysis

As the crypto market returns to pre-weekend levels, Bitcoin is down at $83,713. With a massive pullback of 8.61%, BTC price follows the bearish trend with an intraday pullback of 2.84%. 

This undermines the two-day recovery in Bitcoin and warns of a potential breakdown rally toward the $76,000 level. The increased volatility reflects massive fluctuations near the center pivot level close to $88,500. 

The sudden bearish trend has resulted in a failed bullish crossover attempt in the MACD and Signal lines. As the bearish trend in the average line continues, the technical indicator warns of a potential downfall. 

Furthermore, it reflects a surge in selling pressure with the resurgence of bearish histograms. The downfall in BTC prices warns of the lowest daily closing price since November 2024. 

Bitcoin Open Interest Falls to $47B

The liquidations in the crypto market have reached $1 billion, with Bitcoin witnessing a $370 million liquidation in the past 24 hours. The long-to-short ratio is now at 0.9558. 

With a 12.81% decline in open interest, receding to $47 billion. However, the funding rate remains positive, with top traders on Binance and OKX maintaining an optimistic long-to-short ratio. 

Weakness in ETFs Lead to $74M Outflow

Amid the declining prices of Bitcoin, institutional support has failed to resurface. The U.S.-spot Bitcoin ETFs have maintained a net outflow of $74.19 million on March 3.

On March 3, Bitcoin spot ETF had a total net outflow of $74.19 million, Blackrock ETF IBIT had a net outflow of $77.97 million; Ethereum spot ETF had a total net outflow of $12.1 million, and continued to have net outflows for 8 consecutive days.https://t.co/59u0BnEqLG

— Wu Blockchain (@WuBlockchain) March 4, 2025

The ARK and 21Shares ETF remain the sole purchaser of Bitcoin, with a positive inflow of $58.18 million. Spearheading the outflow rally, BlackRock offloaded nearly $78 million worth of BTC, followed by Grayscale dumping $54.39 million worth of BTC. 

The rest of the nine BTC ETFs in the U.S. market maintain a net zero flow.

BTC Price Targets

Based on the pivot levels, the downfall could reach the S1 support level close to $74,000. However, the price action analysis reveals a support level slightly above at $76,722. 

On the bullish front, an unexpected recovery could re-challenge the center pivot level close to $88,500.