Bitcoin Price Faces Strong Bullish Pressure
Bitcoin price faced a strong bullish pressure due to increasing buying domination. As a result, BTC price surged above Fib levels and maintained its momentum above $88K level. Over the past 24 hours, Bitcoin’s trading volume has surged by more than 161%, totaling $31.2 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 facing increased volatility below $90K. Over the last 24 hours, its total market capitalization surged by 3.6%, settling at $1.74 trillion.
Bitcoin’s Bullish Pressure Skyrockets
On Friday, Trump adjusted his position on tariffs, signaling he might show greater flexibility regarding the “reciprocal tariffs” scheduled to take effect on April 2. Reports indicate the Trump administration might exempt certain countries from these planned tariffs and is unlikely to add separate sector-specific tariffs on products like cars, pharmaceuticals, and semiconductors.
However, the current suspension of tariffs on many products from Canada and Mexico will also expire on April 2. This means that even if Trump opts for a softer approach overall, tariffs on various imported goods will still increase significantly starting from that date.
Federal Reserve Chair Jerome Powell recently commented on the tariffs, suggesting that they would likely cause a temporary increase in inflation this year but would not lead to long-term inflationary pressures. Additionally, Powell hinted at a potential interest rate cut of half a percentage point later this year.
As a result, Bitcoin price witnessed a strong comeback in its momentum. This pushed the price above $88K in just a few hours.
Recent data from Coinglass reveals that Bitcoin saw nearly $108 million in total liquidations over the last 24 hours, with buyers liquidating $14 million and sellers around $94 million, indicating a significant increase in short liquidations.
Additionally, the open interest for Bitcoin has surged by 9.1%, touching around $58.69 billion in the last 24 hours. However, Bitcoin’s funding rate trades at -0.0088%, indicating that sellers might soon gain control. This could help sellers to prevent the ongoing buying momentum.
Bitcoin Price Prediction: Technical Analysis
Bitcoin has made a strong buying momentum as it broke above crucial Fib levels and surged above $88K. Currently hovering at $88,520—a gain of about 4% in the past 24 hours—the crypto king briefly tested $88.7K to validate further gains.
Sellers continue to press aggressively, aiming to keep BTC pinned beneath the crucial $90,000 level. However, buyers aren’t backing down easily, gearing up for another attempt to reclaim this vital threshold.
Should bulls successfully push Bitcoin back above $90K, confidence may surge, potentially paving a clearer path toward the much-anticipated $95,000 milestone.
On the flip side, if buyers fail to rally convincingly at this pivotal zone, BTC risks sliding further, opening doors to a potential pullback toward the $81,000-$85,000 region.
Bitcoin Price Prediction: What to Expect Next?
Short-term: According to BlockchainReporter, BTC price might aim for $90K. If it surges above that level, we might see $95,000. On the other hand, $81K-$85K is the lower range.
Long-term: According to Coincodex’s current Bitcoin price prediction, Bitcoin is expected to increase by 36.22%, reaching approximately $118,986 by April 23, 2025. Coincodex’s technical indicators currently reflect a neutral sentiment, though the Fear & Greed Index is at 0. Over the past 30 days, Bitcoin experienced 13 green days out of 30 (43%), with a price volatility of 4.80%. Based on these forecasts, Coincodex suggests that it is presently a good time to buy Bitcoin.
How much is Bitcoin price today?
Bitcoin price is trading at $88,520, at the time of writing. The BTC price has surged by over 4% in the last 24 hours.
What is the BTC price prediction for March 24?
Throughout the day, BTC price might aim for $90K. If it surges above that level, we might see $95,000. On the other hand, $81K-$85K is the lower range.
Is Bitcoin a Good Buy Now?
According to long-term forecasts, Bitcoin price might reach $118,986 by April 23. 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.