Bitcoin (BTC) Price Holds $84,000 as Selling Pressure Decreases

The world's largest cryptocurrency, Bitcoin BTC $83 747 output: [object Object]

Bitcoin price rose above the $84,000 mark on Sunday as selling pressure eased in the broader digital asset market. The world’s largest cryptocurrency is now trading at a critical juncture, with a potential for significant shifts in the coming weeks.

What Happened: Bitcoin is trading at $84,306.76, up 2.62% in the last 24 hours. Its 24-hour trading volume has also increased by 35.95% to $28.07 billion.

With a circulating supply of 19,844,915 BTC at a market capitalization of about $1.665 trillion, Bitcoin is still the largest cryptocurrency.

The open interest in Bitcoin futures has risen considerably, indicating increased trader engagement. According to recent data from CoinGlass, the total open interest in BTC futures across major exchanges is over $103.04 billion, a 1% increase from the previous day.

Furthermore, CryptoQuant analyst Axel Adler Jr. highlighted a substantial decline in selling pressure across major exchanges. Daily selling volumes have decreased from 81,000 BTC to 29,000 BTC, suggesting that fewer traders are selling their Bitcoin holdings.

Top traders are closely watching the next resistance level at $85,000, which could be a stepping stone for a move toward $88,000 or higher. On the downside, the main support level is at $81,500, with a potential to retest $78,000 if selling pressure picks up again.

Experts: Some market analysts believe that Bitcoin could remain in a consolidation phase throughout April and May, with price fluctuations becoming less volatile as the market absorbs recent gains.

After a brief dip below $82,000 in March, buyers quickly strengthened Bitcoin to the $81,500 support level. If this trend continues, Bitcoin price could sustain its position above $84,000 and move higher.

"We're in a funny market where the sellers have almost disappeared, and the buyers seem to be able to hold any attempts to push the price down," said Adler Jr.

The average selling pressure on top exchanges went from 81K to 29K BTC per day.

We're in a funny market where the sellers have almost disappeared, and the buyers seem to be able to hold any attempts to push the price down.

Welcome to the zone of asymmetric demand. The market has successfully absorbed waves of profit-taking following the break above $100K. Sellers have dried up, and buyers seem comfortable with limited downside at pivotal support levels. A true display of the dominant market force. pic.twitter.com/mgzrCacMMq

— Axel 💎🙌 Adler Jr (@AxelAdlerJr) April 1, 2025

See More: Pro Bitcoin Trader Warns Of Crucial Support Level To Watch In BTC

Institutional demand is also a key factor driving the Bitcoin trend. Unlike retail traders, institutions operate on longer investment cycles, which often reduces market volatility and promotes sustained price stability.

Highlighting this institutional interest, Japanese investment firm Metaplanet Inc. has acquired an additional 696 BTC using cash-secured put options, bringing its total Bitcoin holdings to 4,046 BTC.

"We aim to increase our Bitcoin holdings to 10,000 by 2028," a company spokesperson told CC Chain. "We are planning to acquire more Bitcoin using derivatives and other financial products."

While some analysts believe that Bitcoin price movement and consolidation will largely be influenced by macroeconomic events such as Federal Reserve policy shifts and inflation reports, others speculate that a supply shortage could emerge in the coming weeks as sellers become less active.

Another critical factor shaping the Bitcoin trend is Binance's dominance in the spot trading market.

”Binance's trading volume is now eight times higher than Coinbase's. In the past, BTC has seen an increase in price when Binance leads in trading volume. If this trend continues, Bitcoin could gain further upward momentum,” said Godfrey.

Read Next: Bitcoin Hovers Near $84K As May Brings Crucial Test Of Key Support

This article was originally published on Benzinga