How Low Can the BTC Price Go?
Bitcoin’s short-term downward trend continues, while the Bulls are working to keep the rally above key support. In addition, market sentiment has dropped to 30, indicating that they have turned to fear. Currently, prices are moving towards key support ranges and liquidity testing. This may delay BTC price Entering the demand zone, the cascade is expected to start below $93,400.
The crypto market has recorded one of the largest callbacks, similar to one of the ones that occurred in the first few days of each month. Nearly 148,643 traders have been liquidated over the past 24 hours, with the total liquidation volume of approximately $379.24 million. BTC’s price hit a low point, with a lifespan of nearly 100 times since Friday.
The above-mentioned liquidation heat map in the rolling work shows that sufficient liquidity has been installed on both sides of the price. This shows that traders are already uncertain about the upcoming price action and therefore want to attract liquidity through the price transfer of Bitcoin. On the other hand, exchange inflows continue to shrink, suggesting that on-chain activity is often caused by reduced investor interest and decreased network utilization.
Does Bitcoin (BTC) price return $90,000?
In recent updates, retail demand for Bitcoin is rebounding. 30-day demand fell to -21%, which has reversed and emerged back to neutral. These levels last appeared in 2021, just before the cows began. These types of recycling rates have undergone significant price transfers in recent history, so similar price action is expected to be taken soon.
As can be seen from the above chart, BTC prices have been under acute bearish pressure over the past few days, which keeps the token below the 50-day MA. After maintaining the merger within the narrow range, the Bollinger band also began to shrink, suggesting a reduced volatility as it reached multiple month lows. However, the price action after the squeeze is considered huge.
Therefore, it is believed that the price of Bitcoin has been under huge bearish pressure for some time and may enter the demand zone. This could force the price to stick to the lower support band of Bollinger, which could lead to huge bullish action beyond temporary highs.
