Bitcoin (BTC) Price Consolidates Around $85K After Dropping Below $100K

Bitcoin price faced an increased domination in validating a clear trend above the $85K level. As a result, BTC price now consolidates around $85K.

Bitcoin (BTC) price faced an increased domination in validating a clear trend above the $85K level. As a result, BTC price now consolidates around $85K. Over the past 24 hours, Bitcoin’s trading volume has dropped by more than 45.45%, totalling $16.21 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 below $80K; however, it is aiming for a recovery. Over the last 24 hours, its total market capitalization dropped by 0.74%, settling at $1.66 trillion.

Bitcoin Faces $13 Million in Liquidation

Over the past two weeks, Bitcoin has shown extreme price volatility, oscillating between $79K and $85K in response to ongoing macroeconomic uncertainty. This erratic price behavior underscores Bitcoin’s growing sensitivity to macroeconomic shifts, indicating that it is increasingly behaving like a risk-on asset rather than a traditional store of value.

Given the current geopolitical tensions and macroeconomic uncertainties, this volatility is expected to continue influencing Bitcoin’s market dynamics in the foreseeable future.

Recent figures from Coinglass show that Bitcoin experienced close to $13 million in total liquidations in the last 24 hours, with $9 million from long positions and $4 million from short positions, highlighting a notable rise in long liquidations. Despite this, Bitcoin’s open interest has increased slightly by 0.13%, reaching over $49.86 billion within the same period.

Moreover, the long/short ratio for Bitcoin has risen to 1.1, indicating that just over 51% of the total positions are now betting on an upward movement in the BTC price.

Bitcoin Price Prediction: Technical Analysis

Bitcoin is currently exhibiting consolidated momentum, struggling to establish a clear upward trend above $85K. Nonetheless, there is strong buyer support preventing a price decline. At present, Bitcoin is trading at $84,662, having decreased by 0.7% in the last 24 hours.

Looking ahead, the BTC/USDT pair is approaching a resistance zone that could extend up to $86.7K. With an increase in buying activity, supporters are prepared to counteract any potential downturns. Should Bitcoin successfully breach the $90K threshold, it could pave the way for a rally towards $95,000.

Conversely, if Bitcoin fails to sustain buyer interest around the $85K mark, there’s a risk it could fall back to around $79,974.

Bitcoin Price Prediction: What to Expect Next?

Short-term: According to BlockchainReporter, BTC price might aim for $86.7K. If it surges above that level, we might see $90,000. On the other hand, $79,974 is the lower range.

Long-term: According to the latest Bitcoin price prediction on Coincodex, the price of Bitcoin is expected to increase by 33.84% and reach $112,733 by April 14, 2025. The technical indicators currently indicate a bearish sentiment, while the Fear & Greed Index stands at 46, categorized as Fear. Over the past 30 days, Bitcoin has experienced 13 green days, accounting for 43% of the period, with a price volatility of 6.56%. Based on this forecast, it is currently not advisable to purchase Bitcoin.