Bitcoin price is struggling to initiate a recovery rally as it faces increasing bearish domination below $90K. As a result, BTC price might soon aim for a retest of immediate support channels. Over the past 24 hours, Bitcoin’s trading volume has increased by more than 200%, totaling $79.4 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. On 24 Feb, the price again declined, reaching a new low since November 2024. Over the last 24 hours, its total market capitalization dropped by 1.07%, settling at $1.71 trillion.
Bitcoin Faces $337 Million Liquidation
On Wednesday, the price of Bitcoin (BTC) was around $88,800, following a dip to $86,050 the day before. The price correction in BTC was supported by US Bitcoin spot Exchange Traded Funds (ETFs), which saw their highest single-day outflow on Tuesday. According to a K33 report, the market reacted negatively to MicroStrategy’s recent Bitcoin purchase, coinciding with renewed worries about tariffs imposed by US President Donald Trump.
Global investors are increasingly nervous as signs emerge that the so-called exceptionalism of the U.S. economy may be dropping, amid preparations by President Donald Trump to implement tariffs.
On Monday, Trump confirmed his intention to impose a 25% tariff on imports from Canada and Mexico starting in early March. This announcement has heightened market unease, leading to a sharp rally in safe-haven U.S. Treasury prices and pushing yields to their lowest in two months.
Recent data from Coinglass reveals that Bitcoin saw nearly $337 million in total liquidations over the last 24 hours, with buyers liquidating $278.6 million and sellers around $59 million, indicating a significant increase in long liquidations. Additionally, the open interest for Bitcoin has dropped by 4.6%, touching over $54 billion in the last 24 hours.
However, Bitcoin’s funding rate trades at +0.0068%, indicating that buyers remain somewhat bullish. This could help buyers to continue pushing the BTC price upwards.
Bitcoin Price Prediction: Technical Analysis
Bitcoin’s price is experiencing strong bearish pressure as it continues to drop below immediate Fib levels. As a result, sellers are now holding the price around the $84K level. Currently, Bitcoin trades at $84,387, reflecting a 4.4% drop in the past 24 hours.
The BTC/USDT trading pair will now aim for a retest of the $81K level. As selling pressure intensifies, buyers will continue to defend further decline. However, if Bitcoin rebounds above $81K, we might see a recovery toward $89,000.
On the other hand, if Bitcoin fails to meet buyers’ demand around $81K, we might see further decline toward the low of $77K.
Bitcoin Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, BTC price might aim for $81K. If it rebounds above that level, we might see $90K. On the other hand, $77K is the lower range.
Long-term: According to Coincodex’s current Bitcoin price prediction, the price of Bitcoin is expected to increase by 42.50% and reach $125,879 by March 28, 2025. The technical indicators currently suggest a bearish sentiment, and the Fear & Greed Index indicates a level of 25, categorized as Extreme Fear. Over the last 30 days, Bitcoin has experienced 12 green days out of 30, equating to 40% positivity, with a price volatility of 3.06%. Given this forecast from Coincodex, it is currently considered an inadvisable time to purchase Bitcoin.
How much is Bitcoin price today?
Bitcoin price is trading at $84,387, at the time of writing. The BTC price has dropped by over 4.4% in the last 24 hours.
What is the BTC price prediction for February 26?
Throughout the day, BTC price might aim for $81K. If it rebounds above that level, we might see $90K. On the other hand, $77K is the lower range.
Is Bitcoin a Good Buy Now?
According to long-term forecasts, Bitcoin price might reach $125,879 by March 28. 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.
