Bitcoin (BTC) plummeted to less than $85,000 on Friday and hit its lowest level at $84,200. This drop was due to increased selling pressure in the market, leading to widespread liquidation of positions. Currently, Bitcoin remains under pressure, indicating overall market weakness and rising liquidation risk. This sharp price decline resulted in the liquidation of $400 million worth of digital assets, including $116 million related to Bitcoin long positions. Additionally, on Thursday, wallets associated with the US government transferred 97 Bitcoins and 884 Ethereum (ETH), sparking speculation about a possible sell-off. However, these transfers seem to align with the Federal government’s policy to consolidate its digital assets following Trump’s executive order on March 6. According to this order, government agencies must report their digital assets to the Treasury Secretary within 30 days. This suggests that the transfer of $10.3 million in Bitcoin and Ethereum may be part of this process. Meanwhile, experienced trader Peter Brandt has issued a new bearish warning for Bitcoin. Based on technical analysis, he has predicted a downside target of $65,635 and pointed to the breakdown of a descending wedge pattern. In his chart, the failure of prices to overcome the $92,070 level and consecutive ceiling reductions are evident. Breaking the $85,285 support confirms a deeper correction path, and according to his analysis, Bitcoin may first reach $75,000 and then the $65,635 target. Visit the real-time digital currencies price page to monitor the prices of all tokens and cryptocurrencies live.
