Bitcoin Leans on $93K Support, Risks $1.3B Liquidations Due to Trump’s Trade War
Concerns over a global trade war could push Bitcoin’s price below key support at $93,000 in the short term, analysts told Cointelegraph.
Bitcoin’s price could see a significant liquidation event if it falls below a key support level, wiping out over $1.3 billion in leveraged long positions.
Bitcoin’s price
BTC
R$ 98,000
dropped below the psychological $100,000 mark on Feb. 4 after market sentiment was shaken by concerns over a global trade war following the announcement of new import tariffs by the United States and China.
To avoid a correction below $90,500 in the near term, Bitcoin needs a weekly close above the key support level of $93,000, according to Ryan Lee, chief analyst at Bitget Research. “Keep an eye on Bitcoin’s support at $90,500, $93,000,” the analyst told Cointelegraph, adding: “A drop below $90,500 could indicate bearish trends. These levels could shape market sentiment depending on how Bitcoin trades around them."
Bitcoin is at risk of significant downside volatility below $93,000. A potential correction below these levels would trigger nearly $1.3 billion in liquidations of leveraged long positions across all cryptocurrency exchanges, data from Coinglass shows.
