$BTC Bitcoin (BTC) has recently experienced significant market movements, leading to substantial liquidations of short positions. Notably, a $2.05 million short position was liquidated at $99,270 on Bybit, indicating strong upward momentum.
Current Market Overview: As of March 1, 2025, Bitcoin is trading at approximately $84,593. This follows a recent decline from its January peak of $109,000, influenced by factors such as economic uncertainties and recent policy decisions. For instance, tariffs imposed by the Trump administration have contributed to market volatility.
Key Levels to Watch:
Support Zones: Analysts identify the $70,000 to $75,000 range as a critical support area. This zone could attract buyers if prices continue to decline.
Resistance Levels: On the upside, the $90,000 to $95,000 range serves as immediate resistance. A sustained break above this could signal renewed bullish momentum.
Trading Strategy: Given the current market conditions, traders might consider the following approach:
Buy Zone: $70,000 to $75,000
Target: $90,000
Stop Loss: $68,000