With the liquidations in the crypto market rising to $1B, Bitcoin has failed to sustain its bullish momentum. Breaching the $84,000 support level, BTC price has marked the 24-hour low at $82,450.
With the increasing bearish pressure over the crypto market, Bitcoin’s price is struggling to sustain dominance at key support levels. Will the rising troubles for bulls lead to a retest to $76,000 levels in BTC pricing?
Bitcoin Price Analysis and Forecast
As the crypto market returns to pre-weekend levels, Bitcoin is down at $83,713. With a massive pullback of 8.61%, BTC price follows the bearish trend with an intraday pullback of 2.84%.
This undermines the two-day recovery in Bitcoin and warns of a potential breakdown rally toward the $76,000 level. The increased volatility reflects massive fluctuations near the center pivot level close to $88,500.
The sudden bearish trend has resulted in a failed bullish crossover attempt in the MACD and Signal lines. As the bearish trend in the average line continues, the technical indicator warns of a potential downfall.
Furthermore, it reflects a surge in selling pressure with the resurgence of bearish histograms. The downfall in BTC prices warns of the lowest daily closing price since November 2024.
Bitcoin Open Interest Falls to $47B
The liquidations in the crypto market have reached $1 billion, with Bitcoin witnessing a $370 million liquidation in the past 24 hours. The long-to-short ratio is now at 0.9558.
With a 12.81% decline in open interest, receding to $47 billion. However, the funding rate remains positive, with top traders on Binance and OKX maintaining an optimistic long-to-short ratio.
Amid the declining prices of Bitcoin, institutional support has failed to resurface. The U.S.-spot Bitcoin ETFs have maintained a net outflow of $74.19 million on March 3. The major BTC ETFs in the U.S. market maintain a net zero flow.
BTC Price Targets
Based on the pivot levels, the downfall could reach the S1 support level close to $74,000. However, the price action analysis reveals a support level slightly above at $76,722.
On the bullish front, an unexpected recovery could re-challenge the center pivot level close to $88,500.
