In the recent period, as BTC miners sold more than 2,000 bitcoins, the crypto market continued to weaken, and Bitcoin fluctuated and fell all the way. In the afternoon, it almost fell below the 95,000 mark. Although the overall price of the currency has not fallen much in the past 24 hours, only falling by 0.67%, there are undercurrents behind the market. The liquidation volume of more than 200 million US dollars is staggering, among which long-term traders have lost up to 134.34 million US dollars. With the increasing pressure on bulls, whether Bitcoin will further fall has become the focus of all cryptocurrency investors.

From the perspective of technical analysis, the trend of Bitcoin on the 4-hour price chart is not optimistic. The bulls have not been able to effectively break through the resistance level. Not only are they suppressed by the resistance trend line, they have repeatedly hit the wall and fallen back at the 50% Fibonacci level of the 98,500 line. At present, the price of Bitcoin continues to pull back and has approached the 23.60% Fibonacci level, which is the key support level near 94,600. Prior to the latest price correction, Bitcoin's price action seemed to be showing a rounded bottom reversal pattern that could be supported by the 23.60% Fibonacci level, giving the market a glimmer of hope. However, the current retest of this support level is very likely to weaken the possibility of such a reversal, putting more pressure on this support level, and thus greatly increasing the downward trend of Bitcoin prices.

Looking at the dynamics of Bitcoin miners, their behavior is also sending a signal of lack of confidence to the market. According to data released by cryptocurrency analyst Ali Martinez on the X platform, Bitcoin miners have unloaded more than 2,000 Bitcoins in the past week. Bitcoin miners' reserves have also fallen from 1.81 billion on February 10 to 1.8089 billion this week. The decline in miners' reserves means that the supply of Bitcoin in the market has increased. If there is not enough institutional purchase to take up these additional supplies, the price of Bitcoin is very likely to fall below the 23.60% Fibonacci level support level of $94,393. Once the support is broken, the next possible target will be the horizontal support around 91000. #加密货币普及 #美国加征关税 #地缘政治对比特币的影响