Bitcoin (BTC) price temporarily crossed $85,000 on March 16, showing an 11% growth from the $76,000 floor last week. Traders have opened significant leveraged positions in the Bitcoin market ahead of the U.S. Federal Reserve’s decision on March 19. After hitting a historic peak of $109,071 in January, Bitcoin entered a corrective phase experiencing a 30% price drop due to geopolitical tensions and new U.S. trade tariffs. However, positive inflation data such as the Consumer Price Index (CPI) and Producer Price Index (PPI) have boosted demand and market recovery. Following the price drop, Bitcoin whales and large investment firms have started buying Bitcoin. On the other hand, bullish traders attempted to liquidate a whale that opened a 40x leveraged short position on Bitcoin. This event could increase buying pressure in the market. The Federal Reserve’s decision on interest rates is one of the most critical upcoming events for Bitcoin investors. Interest rate reduction usually increases liquidity and strengthens high-risk assets, including digital currencies. According to CME Group data, there is a 99% probability of a halt in interest rate hikes, which could further assist Bitcoin’s growth. In the derivatives market, over the past seven days, total long positions have reached $4.9 billion, surpassing short positions with $3.8 billion, indicating the dominance of $1.1 billion buyers. However, these leveraged positions may be vulnerable to sudden fluctuations. Technical analysis indicates that after completing a downward correction and hitting the $76,555 level, Bitcoin has been on an upward trend. Key resistance levels are now at $89,085, $92,956, and $96,827. Meanwhile, the Bear/Bull Power Index (BBP) remains in the negative range of -10,559, showing lingering selling pressure in the market. Crossing the $89,000 level in the upcoming week can accelerate price growth to $97,000, but if Bitcoin fails to break this resistance, there is a possibility of the price returning below $80,000. On the Digital Currency Price Page, you can view the prices of all tokens and cryptocurrencies live and in real-time.
