What’s Next for BTC Price?
Bitcoin’s price dropped sharply to below $80,000 on Monday, affected by the continued selling of the stock market. During the weekend, Bitcoin faced strong downward pressure, breaking through key support levels. As sentiment shifts to bearishness due to the increase in long-term liquidation, analysts are now evaluating whether Bitcoin has reached its lowest point or is likely to decline further.
Recession worries about trap Bitcoin investors
As U.S. President Donald Trump has not ruled out a recession opportunity, Bitcoin has dropped nearly 4% in the past 24 hours. Wall Street’s top seven stocks and major indexes are currently losing value.
Data from Coinglass shows that nearly $630 million has been liquidated recently in the cryptocurrency market, including $210 million in long positions in Bitcoin. Ethereum’s desire lost $88 million, and another $80 million in other digital assets has also long disappeared.
Bitcoin price decline began when President Trump signed an executive order on Thursday to build strategic bitcoin reserves and authorize the creation of digital asset inventory. The immediate price drop may come from investors, realizing that the order does not include specific funds to buy bitcoin soon.
The order directs the finance and business secretary to propose ways to buy more bitcoins that will not affect the budget, but it explicitly avoids using taxpayers’ money for direct purchases. This decision seems to upset investors.
Please read also: Explanation: Why did Trump’s Bitcoin reserve plan collapse the crypto market?
The decline in Bitcoin prices has had a negative impact on the key to chain measurement. According to data from Intotheblock, the number of large transactions has dropped from 25.86K transactions to 17.29k transactions. This suggests that interest rates for major investors (whales) are down, potentially paving the way for a sustained downward trend in the short term.
But a rebound in crypto prices will only happen if traders get clearer regulations and consider the greater impact of Trump’s trade tariffs. These tariffs have shaken global markets and put pressure on risky assets, including cryptocurrencies.
What is the next step in BTC price?
BTC is targeting below the crucial $80,000, and Bitcoin’s price is facing strong bearish pressure. Currently, under the strong downward pressure below the resistance line, the bear is strongly defending the surge. Currently, Bitcoin is trading at $79,329, reflecting a 4.1% drop in the past 24 hours.
The BTC/USDT trading pair will now be designed to retest the $75K level. As sales pressure rises, SE is targeting areas below $75K. If the price of BTC falls below $75K, we may see a significant drop below $64K.
On the other hand, if Bitcoin faces surges and rebounds above current levels in terms of buying advantages, we may see breakouts over $80k levels and drops in resistance. In this case, the BTC price may consolidate prices below $90k.
