Bitcoin Holds $95K Support Despite Intense Selling Pressure

BitcoinMarket Updates
Despite Bitcoin’s recent price stability, fluctuating between $68,000 and $71,000, the cryptocurrency community remains bullish, with analysts forecasting an imminent breakout. Adrian Zidanic, a prominent analyst with the Crypt BB analyst group, has identified a bullish ascending triangle on Bitcoin’s chart, signaling potential upward movement. Breakout to $86,500 and Beyond On the “Thinking Crypto” podcast, Zidanic shared his optimistic outlook, predicting that Bitcoin could soon break out of its current consolidation phase and reach a target price of $86,500. While he acknowledges the unpredictability of the market, Zidanic sees a strong likelihood of a bullish trend, with potential peaks between $85,000 and $90,000. “I hope it goes higher. I hope it can touch $100,000,” Zidanic expressed, highlighting the positive sentiment among investors. Halving Event Sparks Bullish Momentum The forthcoming Bitcoin halving event, expected to occur in just a few weeks, is adding to the excitement. Historical data shows that halving events tend to catalyze bullish market momentum, and many in the crypto community are hopeful for a significant price surge. Crypto Market Continues to Thrive Beyond Bitcoin, the broader cryptocurrency market is showcasing its strength and growth. Tether, the leading stablecoin, reported an impressive $6.2 billion in net income for 2023, eclipsing earnings of traditional finance giants such as Goldman Sachs and Morgan Stanley. This achievement highlights the burgeoning impact of cryptocurrencies on the global financial stage. Political and Institutional Adoption Grows The integration of crypto into mainstream politics and finance is becoming increasingly apparent. In South Korea, for example, political parties are employing crypto-related incentives to woo voters, signifying the expanding influence of the crypto community. On the institutional front, major firms like BlackRock and Fidelity are delving into the crypto space with initiatives such as Ethereum ETFs and asset tokenization, further evidence of digital assets’ growing appeal and legitimacy. As Bitcoin teeters on the brink of a breakout, the overarching crypto market’s resilience and expansion underscore the sector’s vitality and potential. Investors and enthusiasts alike are watching closely, anticipating the next wave of growth and innovation in the dynamic world of cryptocurrency.

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Bitcoin continues to trade above the critical $95,000 support level despite experiencing its most significant selling pressure since 2022. However, if Bitcoin drops below $93,000, it could trigger $1.7 billion in liquidations as concerns over global trade tensions mount.

Bitcoin Resilient Amid Heavy Selling

On February 9, Bitcoin briefly dipped to a one-week low of $94,726 before recovering, according to Markets Pro data. Despite facing its heaviest intraday sell-off since the collapse of Three Arrows Capital (3AC), Bitcoin demonstrated strong resilience.

André Dragosch, head of research at Bitwise Europe, highlighted this in a February 10 post on X, stating that Bitcoin spot exchanges have reached their highest level of selling pressure since June 2022. Yet, Bitcoin remains close to the $100,000 mark, signaling possible “seller exhaustion.”

The 2022 collapse of 3AC, a Singapore-based hedge fund managing over $10 billion in assets, had a profound impact on the crypto market. The firm exchanged around $500 million worth of Bitcoin with the Luna Foundation Guard before Terra’s collapse, triggering widespread liquidations. The fallout led to the bankruptcy of major crypto lenders, including BlockFi, Voyager, and Celsius.

Bitcoin’s Next Support Level at $93K

Investor sentiment remains under pressure due to escalating trade war concerns following new import tariffs imposed by both the U.S. and China.

A drop below the $93,000 level could liquidate over $1.7 billion in leveraged long positions across various exchanges, according to CoinGlass data. Chief analyst Ryan Lee of Bitget Research warned that a breakdown at this level could push Bitcoin further down to $91,500.

Additionally, rising trade tensions could heighten economic uncertainty, potentially driving Bitcoin below $90,000 despite its reputation as a hedge against financial instability. Traders are closely watching upcoming discussions between former U.S. President Donald Trump and Chinese President Xi Jinping, which may impact global markets and Bitcoin’s trajectory.

Anish Khalifa
Anish Khalifa
Hi there! I'm Anish Khalifa, a passionate cryptocurrency content writer with a deep love for this ever-evolving industry. I've been writing about crypto for over 3 years now and I've been captivated by its potential to revolutionize the financial world.

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