Bitcoin Price Faces Bullish Pressure, Then Bearish Correction
Bitcoin price faced a strong bullish pressure due to increasing buying domination. As a result, BTC price surged above Fib levels and neared $87.5K. However, it later faced bearish pressure and dropped below $84K. Over the past 24 hours, Bitcoin’s trading volume has increased by more than 5.7%, totaling $32.5 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 $90K. Over the last 24 hours, its total market capitalization surged by 1.3%, settling at $1.66 trillion.
Bitcoin’s Volatility Rises Following FOMC Meeting
Bitcoin’s price turned bullish on March 19, driven by growing market anticipation for the release of the Federal Open Market Committee (FOMC) minutes and a press conference by Federal Reserve Chair Jerome Powell.
During the press conference, Powell confirmed that the Federal Reserve plans to keep interest rates steady in the 4.25% to 4.5% range, where they have been since December 2024. Despite projecting two rate cuts later in the year, the Fed also lowered its economic growth forecast and reiterated that controlling inflation remains a challenge. These statements largely met the expectations of market participants.
Consequently, Bitcoin’s price quickly surged towards $87.5K but failed to climb higher, triggering a bearish correction that pushed its price below $84K.
Recent data from Coinglass reveals that Bitcoin saw nearly $123.5 million in total liquidations over the last 24 hours, with buyers liquidating $56 million and sellers around $67 million, indicating a significant increase in short liquidations.
Additionally, the open interest for Bitcoin has dropped by 3%, touching over $49.3 billion in the last 24 hours. However, Bitcoin’s funding rate trades at +0.0053%, indicating that buyers remain bullish. This could help buyers to continue pushing the BTC price upwards.
Bitcoin Price Prediction: Technical Analysis
Bitcoin is under considerable selling pressure after failing to breach the $87K mark. The current goal for sellers is to assert control below the $85K threshold. As of now, Bitcoin is priced at $84,357, down by 1.5% over the last 24 hours.
After a dip to $83,655, the BTC/USDT trading pair is poised to challenge the $85K level once again. As buying pressure mounts, efforts to prevent further losses are likely to intensify. A successful push above $85K could set the stage for a rally towards $90,000.
Conversely, if Bitcoin struggles to attract sufficient buying interest around the $85K level, a further downward movement towards $81K could be on the horizon.
Bitcoin Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, BTC price might aim for $85K. If it surges above that level, we might see $90,000. On the other hand, $81K is the lower range.
Long-term: According to Coincodex’s Bitcoin price prediction, the price of Bitcoin is expected to increase by 38.47%, reaching $118,132 by April 19, 2025. Current technical indicators suggest a Bearish sentiment, while the Fear & Greed Index registers a Neutral stance at 49. Over the past 30 days, Bitcoin has experienced 14 green days, accounting for 47% of the period, with a price volatility of 6.13%. Based on Coincodex’s forecast, it is currently not advisable to buy Bitcoin.
How much is Bitcoin price today?
Bitcoin price is trading at $84,357, at the time of writing. The BTC price has dropped by over 1.5% in the last 24 hours.
What is the BTC price prediction for March 20?
Throughout the day, BTC price might aim for $85K. If it surges above that level, we might see $90,000. On the other hand, $81K is the lower range.
Is Bitcoin a Good Buy Now?
According to long-term forecasts, Bitcoin price might reach $118,132 by April 19. 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.