Bitcoin continues to experience selling pressure, reflected in its price fall to $89,000. This article offers current technical analyses and market forecasts for BTC.
Current Bitcoin Price Situation (BTC)
After attempting a rebound from $91,350, bitcoin consolidated between $93,450 and $99,150 but soon broke below, confirming analysts' hypotheses. Currently, bitcoin is trading around $88,000, marking one of the lowest values since reaching a new ATH. This indicates a short-term bearish trend despite a continued long-term bullish trend.
Focus on Derivatives (BTC/USDT)
Bitcoin's decline coincided with a decrease in open interest in the derivatives market, indicating investors' exit from positions. The decline in CVD also accelerated, reflecting the predominance of sell orders. This led to massive long position liquidations amounting to about $331 million over two days. However, despite this, the funding rate remained positive, indicating buyers' resilience.
Bitcoin Price Forecasts (BTC)
If bitcoin holds above $86,800, recovery may lead to $90,700, paving the way to resistance at $99,400. However, if it falls below $86,800, support can be found around $85,000, and prolonged decline may bring levels to $81,700 or even $78,500.
Bitcoin shows signs of weakness with persistent selling pressure. As long as key levels are not reclaimed, the risk of further decline remains high. It is essential to closely monitor price reactions at strategic levels to confirm or adjust current forecasts.
