Bitcoin Price Reclaims $84,000 Amid Reduced Selling Pressure
Bitcoin has regained the $84,000 mark, indicating potential stability after previous declines. Key factors include:
- Current price: $84,306.76, up 2.62% in 24 hours.
- Trading volume increased by 35.95% to approximately $27.58 billion.
- Circulating supply is 19,844,915 BTC, with a market cap around $1.675 trillion.
- Open interest in Bitcoin futures exceeds $103.04 billion, reflecting heightened trader activity.
- Daily selling volume dropped from 81,000 BTC to 29,000 BTC, reducing selling pressure.
Market analysts suggest this decline in selling could lead to a supply shortage, supporting Bitcoin's price. Consolidation is expected through April and May. Key price levels to monitor include:
- Immediate resistance at $85,000.
- Potential rally targets of $88,000 or higher.
- Main support level at $81,500, with risks of retesting $78,000.
- Possible drop to $70,000 if the support level fails.
Source: TradingView
Institutional demand is impacting Bitcoin's direction, with firms like Metaplanet Inc. acquiring additional BTC. Macroeconomic factors and Binance’s significant trading volume also influence trends. Currently, Binance's volume is eight times that of Coinbase, historically correlating with price increases for Bitcoin.