Cointime

Cointime

Download App
iOS & Android

Bitcoin holds $95K support despite heavy selling pressure

Cointime Official

From cointelegraph by Zoltan Vardai

Bitcoin is steadily trading above the key $95,000 psychological support despite one of the largest intraday selling events since 2022.

Bitcoin’s price staged a significant reversal after it briefly bottomed at an over one-week low of $94,726 on Feb. 9, Cointelegraph Markets Pro data shows.

BTC/USD, 1-month chart. Source: Cointelegraph

Bitcoin proved significant price resilience, considering that it witnessed the largest daily selling pressure since the collapse of Three Arrows Capital (3AC), according to André Dragosch, head of research at Bitwise Europe.

The research lead wrote in a Feb. 10 X post:

“We have just reached the highest amount of selling pressure on Bitcoin spot exchanges since the collapse of 3AC in June 2022. Yet, the price is still close to $100,000.”

Bitcoin’s price resilience may signal “seller exhaustion,” added the researcher.

  BTC: Intraday spot buying minus selling volume. Source: André Dragosch

The collapse of 3AC, a Singapore-based crypto hedge fund that once managed over $10 billion worth of assets, sent shockwaves through the cryptocurrency market in 2022.

3AC exchanged roughly $500 million worth of Bitcoin with the Luna Foundation Guard or the equivalent fiat amount in LUNC just weeks before Terra imploded.

The series of liquidations for 3AC had a catastrophic impact on crypto lenders such as BlockFi, Voyager and Celsius. Many of the crypto lenders had to eventually file for bankruptcy themselves due to exposure to 3AC.

Related: Austin University to launch $5M Bitcoin fund with 5-year HODL strategy: Report

Bitcoin momentum hinges on $93,000 support due to $1.7 billion in liquidations

Bitcoin investor sentiment remains pressured by global trade war concerns following new import tariffs announced by the United States and China.

While Bitcoin temporarily fell below $95,000, a correction below the key $93,000 support may cause significant downside volatility due to the growing crypto market leverage.

  Bitcoin exchange liquidation map. Source: CoinGlass

A potential Bitcoin correction below $93,000 would liquidate over $1.7 billion worth of cumulative leveraged long positions across all exchanges, CoinGlass data shows.

Related: Kentucky joins growing list of US states to introduce Bitcoin reserve bill

A correction below the $93,000 support level may trigger a further decline to $91,500, Ryan Lee, chief analyst at Bitget Research, told Cointelegraph.

Escalating trade war tensions could increase economic certainty, which may push Bitcoin below $90,000 in the short term, despite Bitcoin’s status as a hedge against traditional finance volatility.

Meanwhile, market participants await President Donald Trump’s upcoming discussions with Chinese President Xi Jinping, which are aimed at resolving trade tensions and avoiding a full-scale trade war.

Trump was scheduled to meet President Jinping on Feb. 11, but reports citing unnamed US officials suggest that the meeting would be delayed, according to a Feb. 4 WSJ report.

Comments

All Comments

Recommended for you

  • Amazon Shares Surge 15.2%, Biggest Gain Since 2012

    On July 31, Amazon shares surged 15.2% to $271.255 per share, marking their biggest gain since 2012, with a total market value of $2.92 trillion.

  • US Treasury Secretary Bessent Vows to Track Down Iranian Assets Globally for Terror Victims

    US Treasury Secretary Bessent said the US will actively track down Iranian assets worldwide to ensure compensation funds for victims of Iran-backed terrorist activities. Bessent stated that the US government's military and economic blockade measures against the Iranian regime will continue and will not be relaxed. (Jinshi)

  • Apple Plunges Nearly 10%, Q4 Revenue Guidance Misses Expectations

    On July 31, Apple (AAPL.US) plunged nearly 10% to $300.33, marking its biggest drop since April 2025. In terms of fundamentals, Apple's third-fiscal-quarter revenue rose approximately 16% year-over-year to $109.42 billion, slightly above analyst expectations. Among the details, product revenue came in at $78.68 billion, beating the expected $77.25 billion. However, services revenue—a key driver of its valuation re-rating in recent years—totaled $30.74 billion, missing the consensus estimate of $31.36 billion. Additionally, Greater China revenue reached $18.82 billion, with year-over-year growth slowing to 22%, also below analysts' forecast of $19.58 billion. During the earnings call, Apple guided fourth-fiscal-quarter revenue growth in the range of 9% to 11%, overall below the 12.1% analysts had expected. CFO Parekh noted that component supply constraints would impact iPhone, Mac, and iPad businesses in the fourth fiscal quarter, with currency fluctuations also constraining growth.

  • Three Fed Officials Back Rate Hike, Hawkish Pressure Builds

    On July 31, three Federal Reserve policymakers said that dissenting votes in favor of a rate hike this week stemmed from stubborn inflationary pressures, highlighting rising internal pressure on Fed Chair Warsh to act. In statements released Friday morning, Hammack and Kashkari said they worry that although the current round of price increases may stem from short-term factors such as President Trump's tariff policies and the Iran war, the inflation situation already warrants Fed action. Logan also joined in, saying that even if inflation cools, if the Fed does not raise rates, inflation is unlikely to fully fall back to the Fed's 2% target; without any policy constraints, inflation could continue to run above target until an unexpected shock occurs. Kashkari said that if inflation remains persistently stubborn, he might support a series of rate hikes, not just a single increase, to prevent inflation from becoming further entrenched. He said: "A series of small policy adjustments may be preferable to waiting for developments to unfold and ultimately having to take more forceful action." Hammack said that if the Fed does not tighten policy, price increases could continue to accelerate. She said: "Inflation has been stubbornly above 2% for more than five years, and I have no confidence that it will return to our target on its own." (Jin Shi)

  • US 10-Year Treasury Yield Rises to 4.7388%, Highest Since January 2025

    On July 31, the US 10-year Treasury yield rose to 4.7388%, the highest level since January 2025.

  • Spot Gold Intraday Decline Widens to 2%, at $4,021.08 per Ounce

    On July 31, spot gold's intraday decline widened to 2%, reported at $4,021.08 per ounce.

  • BTC Falls Below $63,000

    Market数据显示，BTC has fallen below $63,000, currently reported at $62,985.99, with a 24-hour decline of 2.99%. Market volatility is significant, please exercise risk control.

  • Fed's Logan: Leaning Toward 25 Basis Point Rate Hike

    On July 31, Federal Reserve Governor Logan said she leans toward a 25 basis point rate hike, believing inflation has not yet entered a sustainable path back to the Fed's 2% target. Logan stated that taking moderate action now would reduce the risk of needing more aggressive tightening in the future, while emphasizing that the Fed cannot rely on unexpected shocks to achieve its inflation target.

  • Fed's Logan: Taking Modest Actions Now Reduces Likelihood of Needing Stronger Action Later

    On July 31, Dallas Fed President Lorie Logan said that taking modest actions in the near term would reduce the likelihood of needing to take stronger action in the future.

  • Philadelphia Semiconductor Index Erases 5% Gain, Turns Lower

    On July 31, U.S. chip and semiconductor stocks rapidly weakened, with the Philadelphia Semiconductor Index wiping out a 5% gain and turning lower. Micron Technology, which had risen 6%, is now down 4.2%. SanDisk, which had gained nearly 10%, is now down over 6%. SK Hynix and Seagate Technology, which had risen over 8%, are now down 2%. TSMC, which had gained 4%, is now down nearly 1%.

Daily Must-Read

Popular Activities

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

April 30 - April 30
Dubai

Popular Tags

Cointime
News
Contents
RSS
Company