Bitcoin stays above $95,000 technical support zone even though it suffered its biggest selling pressure since last year. The cryptocurrency descended to $94,726 on February 9 as shown by data but returned to its previous level.
Experts believe Bitcoin is fighting back after overcoming the selling pressure because sellers appear to have lost interest. Bitcoin held the $95K level despite a large trading level similar to when 3AC collapsed last year. The failed 3AC business brought down BlockFi Voyager and Celsius crypto financiers into bankruptcy. Head of research at Bitwise Europe, André Dragosch said:
“We have just reached the highest amount of selling pressure on Bitcoin spot exchanges since the collapse of 3AC in June 2022. Yet, the price is still close to $100,000.”
Bitcoin Continues Showing Weakness
Bitcoin continues showing weakness because traders worry about the growing international trade war problems even though its price sits above $95,000. The United States and China introduced fresh import tariffs that generate market instability. The market predicts substantial trading closures when Bitcoin breaks through its $93,000 support area.
Studies by CoinGlass show that $1.7 billion worth of leveraged long holders would lose money if Bitcoin drops below this level. According to Bitget Research’s chief analyst Ryan Lee any upcoming deteriorations in the global economy would likely drive Bitcoin prices down to $91,500 or possibly even below $90,000.
Most people view Bitcoin as an investment that protects financial assets but trade tensions make market instability last for a short while. Businesspeople watch current trade talks between Donald Trump and Xi Jinping as major trading partners. A meeting between Trump and Xi noticed for Feb. 11 now experiences a delay per the news report from The Wall Street Journal published on Feb. 4 using U.S. official sources.
The trading discussions between these leaders will steer the direction of the global market including Bitcoin future movements. Traders stay watchful because Bitcoin price movement relies on market leverage and global political risks. They will focus on $93,000 as a key support level.
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