The price of Bitcoin continues its decline by losing 20 percent of the highest level of all time it has reached. The current situation of the market raises the possibility of further fall for the leading crypto currency, while investors are looking for direction in uncertainty. So, what levels does experts draw attention for the price of Bitcoin and where can the BTC price decrease?
The decline for Bitcoin price gained speed
Bitcoin price fell by 16 percent in the last 30 days and 11 percent in the last week. In addition, as of February 26, a large output of $ 754.6 million from the US Spot Bitcoin ETFs. This development reveals the reduction of investors’ risk appetite and the decline in interest in digital assets. In the last 24 hours, the price of BTC lost 3 percent value and decreased to 86.147 dollars, while the daily transaction volume decreased by 12 percent to 70.33 billion dollars. Bitcoin saw the lowest level of $ 82,131,90 during the day, while the highest $ 89.223.08. On the other hand, according to Coings data, Bitcoin futures open positions decreased by 6 percent and reflected the pessimistic atmosphere of the market.
Experts maintain their cautious optimism despite the latest decrease in the crypto market. Many analysts consider this withdrawal as a healthy correction and offer new entry opportunities for investors. Michael Van de Poppe, one of the leading market analysts, said Bitcoin should maintain $ 87,000 for a strong recovery. However, if this level is lost, a large wave of sales may begin and the price may decrease to $ 70,000. Poppe described the correction as ği the opportunity to purchase a 25 percent discount from the latest peak level for investors ”.
A support level of $ 70,440 is on the table
Similarly, analyst Ali Martinez suggested that Bitcoin could find support around $ 70,440 if it went below $ 93.198. In this context, if investors continue to wait on the edge in the market, the price of Bitcoin seems to decline to the $ 70,000 band.
The current trend and expert comments on the market increase the likelihood of BTC to fall to $ 70,000. In fact, according to some analyzes, it is expected that there may be a correction towards this level by the end of the year. However, even if this negative scenario is realized, it is stated that it can offer opportunities for long -term investors.
Although the tendency to decline in the market is dominant, long -term expectations remain positive. Analyst Rek Capital said Bitcoin was approaching to fill the CME gap between the $ 78,000-80,700 in November 2024. In addition, a new CME gap between $ 92,700-94,000 has occurred and that if this level is re-tested, a recovery could be experienced up to $ 93,500.
