Bitcoin (BTC) Price Surged Toward $85K But Faced a Minor Correction Later

As a result, BTC price surged toward $85K but faced a minor correction later. Over the past 24 hours, Bitcoin's trading volume has dropped by more than 28.13%, totaling $41.11 billion.

Bitcoin price faced a bullish pressure due to increasing buying pressure around current resistance levels. As a result, BTC price surged toward $85K but faced a minor correction later. Over the past 24 hours, Bitcoin’s trading volume has dropped by more than 28.13%, totaling $41.11 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 0.3%, settling at $1.64 trillion.

Bitcoin’s Long/Short Ratio Holds Above 1

Today, Bitcoin’s price approached $85K, driven by a duo of bullish developments: unexpectedly mild US inflation figures and diminishing tensions between Russia and Ukraine.

The recent Consumer Price Index (CPI) report presented by the US Bureau of Labor Statistics revealed a more substantial slowdown in inflation than anticipated. This news encouraged a surge in Bitcoin buying, especially among investors who closely track macroeconomic trends.

Earlier in March, when President Donald Trump declared tariffs, many traders pulled back from riskier assets, wary of a potentially aggressive Federal Reserve (Fed) reaction to anticipated inflation pressures.

Now, as inflation concerns lessen, investors are shifting their capital back to Bitcoin, boosting its chances for a near-term recovery.

Recent data from Coinglass indicates that Bitcoin saw nearly $105.85 million in total liquidations over the last 24 hours, with buyers liquidating $62.5 million and sellers around $43.3 million, showing a huge increase in long liquidations. In addition, the open interest for Bitcoin has decreased by 0.88%, touching over $46.7 billion in the last 24 hours.

However, Bitcoin’s long/short ratio has been seen surging as it now trades at 1.02. This shows that over 50% of the total positions are expecting the BTC price to move up further.

Bitcoin Price Prediction: Technical Analysis

Bitcoin is currently facing strong bullish pressure as it tries to stabilize above the $85K mark. But after hitting a high point of around $84,539, it encountered resistance and slid below key levels. Now, Bitcoin is facing repeated rejections as bears are actively preventing any upward movements. At the moment, Bitcoin is trading at $82,919, down by 0.4% over the last 24 hours.

Looking ahead, the BTC/USDT pair is poised to challenge the resistance zone that ranges up to $95K. With increased buying momentum, supporters are likely to thwart further declines. Should Bitcoin breach the $90K threshold, it could pave the way for a push towards $95,000.

Conversely, if Bitcoin cannot sustain buying interest around the $87K mark, it risks a potential fallback to a low of $75,000.

Bitcoin Price Prediction: What to Expect Next?

Short-term: According to BlockchainReporter, BTC price might aim for $85K-$90K. If it surges above that level, we might see $95,000. On the other hand, $75K is the lower range.

Long-term: According to a Bitcoin price prediction by Coincodex, the price of Bitcoin is expected to increase by 32.51%, reaching $111,025 by April 11, 2025. Coincodex’s technical indicators suggest that the current market sentiment is bearish, while the Fear & Greed Index indicates a level of 34, classified as ‘Fear’. Over the past 30 days, Bitcoin has seen 13 green days, representing 43% of the time, with a price volatility of 6.22%. Based on these forecasts, it is currently considered a poor time to buy Bitcoin.

How much is Bitcoin price today?

Bitcoin price is trading at $82,919, at the time of writing. The BTC price has surged by over 0.4% in the last 24 hours.

What is the BTC price prediction for March 12?

Throughout the day, BTC price might aim for $85K-$90K. If it surges above that level, we might see $95,000. On the other hand, $75K is the lower range.

Is Bitcoin a