For a long time, Bitcoin price has been trying to move above $100,000 but it failed to sustain this level and soon dropped to the low of $95K today. Over the past 24 hours, Bitcoin’s trading volume has declined by more than 47.1%, totalling $29.5 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. However, the price has been recovering since then. Over the last 24 hours, its total market capitalization dropped by 1.78%, settling at $1.91 trillion.
Bitcoin’s Long Liquidation Touches $30 Million
Bitcoin’s price is facing strong rejection above the $100K mark despite buyers’ attempt to drive the price upward. As a result, the price today declined to its immediate support level of $95K, resulting in a significant long liquidation.
Over the course of the last week, Bitcoin has seen a decline of 5.85% in its price, and over the past 30 days, it has achieved a total gain of 3.1%. Amid this volatility, Bitcoin price validated a clear bearish trend toward the low of $95K.
Data from Coinglass shows that the total liquidation of Bitcoin nears $36 million in the last 24 hours. This consisted of $30 million worth of positions liquidated by buyers and about $6 million by sellers, showing the strong selling pressure on the price chart.
However, despite the bearish pressure suggested by these liquidations, the funding rate for Bitcoin remains at a positive 0.0012%. This suggests that buyers are still somewhat bullish and maintain a slight advantage, potentially positioning them to drive a recovery from the current price levels.
Bitcoin Price Prediction: Technical Analysis
The price of Bitcoin struggled to hold on to its momentum around $100K, resulting in a correction toward $97K. Currently, Bitcoin is facing bearish domination as it struggles in surging above 23.6% Fib level. Right now, Bitcoin is priced at $96,527, having dropped by 1.1% in the last 24 hours.
The BTC/USDT trading pair is struggling around $100,000, which might pose a slight challenge. If it can stay above this level, it would be advantageous for buyers. The price could then attempt to move above $105,000, and potentially even to $108,000.
On the other hand, if the price continues to trade below the EMA20 trend line on the 1-hour chart, sellers might push it below $95,000. This might trigger a retest of the $91K level.
Bitcoin Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, BTC price might continue to struggle around $100K. If it surpasses that level, we might see $105K. On the other hand, $91K is the lower range.
Long-term: According to Coincodex’s current Bitcoin price prediction, the price of Bitcoin is expected to rise by 33.83%, reaching $129,434 by March 10, 2025. Coincodex’s technical indicators suggest a neutral current sentiment, while the Fear & Greed Index indicates a level of 44, classified as Fear. Over the past 30 days, Bitcoin has seen 13 out of 30 days in the green, with a price volatility of 3.98%. Based on this forecast, it is considered a good time to buy Bitcoin.
Bitcoin price is trading at $96,527 at the time of writing. The BTC price has surged by over % in the last 24 hours.
Throughout the day, BTC price might continue to struggle around $100K. If it surpasses that level, we might see $105K. On the other hand, $91K is the lower range.
According to long-term forecasts, Bitcoin price might reach $129,434 by March 10. 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.
Source: https://blockchainreporter.net/daily-prediction/bitcoin-btc-price-today/