Bitcoin's price has been experiencing a downward trend, reaching a low of around $89,397 on January 13. This trend continued on February 3 and February 24, with the price reaching new lows. The total market capitalization of Bitcoin has also decreased by 1.07% in the last 24 hours.

The price correction in Bitcoin was influenced by the outflow of US Bitcoin spot ETFs, as well as concerns about tariffs imposed by US President Donald Trump. The announcement of tariffs on imports from Canada and Mexico heightened market unease.

Bitcoin saw significant liquidations, with buyers liquidating $278.6 million and sellers around $59 million. The open interest for Bitcoin also dropped by 4.6%. Despite this, the funding rate for Bitcoin remains somewhat bullish, indicating potential for buyers to push the price upwards.

Currently, Bitcoin is trading at $84,387, reflecting a 4.4% drop in the past 24 hours. The BTC/USDT trading pair aims for a retest of the $81K level, with the possibility of a recovery towards $89,000 if it rebounds above that level. However, if it fails to meet buyers' demand, a further decline towards $77K is possible.

In the long term, some forecasts predict that Bitcoin's price may reach $125,879 by March 28, 2025. However, current technical indicators suggest a bearish sentiment, and the Fear & Greed Index indicates extreme fear. Given this forecast, it is considered inadvisable to purchase Bitcoin at this time. Investors should be cautious due to market volatility.



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