Bitcoin Price Dips Over 4%
Bitcoin Price Dips Over 4% as Market Weakness Continues
Bitcoin (BTC) has experienced another sharp decline, falling more than 4% to trade at approximately $82,668 against Tether (USDT) as of 19:21 GMT+1. This latest drop of $3,554 has heightened concerns among traders about further downside potential.
Traders Monitor Key Liquidity Zones
As Bitcoin approaches the weekly close, market participants are closely observing exchange order books. Significant liquidity levels have formed around $83,000, with potential liquidation triggers on both sides of the spot price.
According to market analysis, many long positions have already been liquidated, prompting concerns that further price declines could occur. Notable trader TheKingfisher warned via X that “whales are hunting stops,” pointing to long liquidations around $84,300 and short positions concentrated between $86,500 and $87,000.
Data from CoinGlass reveals that total crypto market liquidations have exceeded $300 million in the past 24 hours, further indicating market instability.
Further Decline Toward $75,000?
With Bitcoin slipping toward key support levels, some analysts predict a deeper correction. February’s low of $78,000 may not be the final bottom, as bearish signals suggest a potential retest of levels unseen since late 2023.
Trader Mikybull Crypto believes Bitcoin could revisit its 50-week simple moving average (SMA) for support. Historically, BTC last tested this level in September and has managed to stay above it on a weekly close since March 2023. Additionally, the 200-day SMA is also being challenged, marking its first major test since October.
Will $69,000 Hold?
Despite the short-term bearish trend, historical data suggests that Bitcoin is unlikely to fall below $69,000. According to a widely respected price analysis model, there is a 95% probability that BTC will maintain this level as its ultimate support.
This would bring Bitcoin back to its previous all-time high from 2021 and represent a roughly 37% correction from its recent peak. The model, which successfully predicted that Bitcoin would never return to $10,000 after September 2020, suggests that while short-term volatility remains high, the long-term outlook remains intact.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. All investment and trading decisions involve risk, and readers should conduct their own research before making financial commitments.
