Bitcoin’s Price Action and Selling Pressure

On February 9, Bitcoin dropped to $94,726, marking its lowest level in over a week, before making a strong recovery above $95,000.

According to André Dragosch, head of research at Bitwise Europe, Bitcoin experienced the highest level of selling pressure since the collapse of Three Arrows Capital (3AC) in 2022.

“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.”

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This indicates that the market still has strong buying support, helping Bitcoin withstand the intense selling pressure.

Bitcoin’s Critical Support and Resistance Levels

Market analysts suggest that if Bitcoin drops below $93,000, it could trigger a wave of liquidations. According to CoinGlass data, a break below this level would liquidate $1.7 billion worth of leveraged long positions across all exchanges.

Ryan Lee, chief analyst at Bitget Research, stated that if Bitcoin falls below $93,000, it could drop further to $91,500. If the selling pressure persists, Bitcoin may even decline below $90,000 due to increasing global economic uncertainty.

Key Technical Levels for Bitcoin:

• Resistance Levels: $98,200 – $104,200
• Support Levels: $95,800 – $92,000

Global Trade Wars and Their Impact on Bitcoin

Bitcoin’s price movements are directly influenced by global trade wars. The new tariffs imposed by the United States and China are causing investor anxiety, increasing pressure on the crypto market.

Furthermore, the scheduled meeting between U.S. President Donald Trump and Chinese President Xi Jinping to discuss trade relations has been postponed, adding to market uncertainty. According to a Wall Street Journal report on February 4, the meeting date remains uncertain.

Bitcoin is struggling to hold key support levels. A four-hour close above $98,200 could trigger a rapid move toward $104,000. However, if it drops below $93,000, strong selling pressure could push the price down to the $90,000 level.

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The post Bitcoin Maintains the Critical Point Despite Intense Selling Pressure! appeared first on Coin Engineer.