Bitcoin Falls Below 95,000 USD As Crypto Market Crashes: How Low Can BTC Price Go?

The short-term downward trend of Bitcoin continues while the buying side is trying their best to maintain the upward momentum at the important support level. In addition, market sentiment has dropped to 30, indicating a shift to fear. Currently, the price is heading towards the important support range and also towards testing liquidity. This could pull the BTC price into the demand zone and this chain is expected to start below 93,400 dollars. The cryptocurrency market has experienced one of the largest pullbacks, similar to the pullback that occurred in the first few days of the month. In the past 24 hours, nearly 1,48,643 traders have been liquidated, while the total liquidation amount is around 379.24 million dollars. The BTC price has surpassed the low and liquidated nearly 100 times the long orders executed since Friday.

The heat map above from Coinglass shows sufficient liquidity has been attached on both sides of the price. This indicates that traders have become uncertain about the upcoming price action and therefore want to grasp liquidity with a small price fluctuation of Bitcoin. On the other hand, the volume of money flowing into the exchange continues to decrease, indicating that activities on the lower chain occur more often due to reduced investor interest and network usage. Will Bitcoin (BTC) return to the $90,000 level? In the recent update, retail demand for Bitcoin is recovering. The 30-day demand has dropped to -21% has reversed and returned to neutral levels. These levels were last seen in 2021, just before the price increase began. These recovery patterns have preceded major price movements in recent history and therefore, a similar price action is expected to occur soon.

As seen in the chart above, the BTC price has faced strong downward pressure over the past few days, causing the token to stay below the 50-day MA. After remaining consolidated in a narrow range, the Bollinger bands also began to narrow, hinting at bearish volatility upon reaching multi-month lows. However, the price action after the squeeze is said to be huge Therefore, the price of Bitcoin is considered to still be under significant downward pressure for a period of time and may enter a demand zone. This may force the price to maintain at a lower Bollinger support level, potentially causing a significant price increase beyond the temporary high.