Bitcoin price plunged below $85,000 on Friday, hitting $84,200 at its lowest point as market-wide selling pressure triggered massive liquidations.
Bitcoin Price Tumbles Below $85,000, Sparking $116 Million Long Liquidation
Bitcoin (BTC) fell below the critical $85,000 support level on Friday, hitting a low of $84,200 as selling pressure intensified. At press time, BTC remains under pressure, reflecting broader market weakness and increasing liquidation risks.
The sharp BTC price decline contributed to a total of $400 million in crypto liquidations, with $116 million in Bitcoin long positions wiped out.
More so, on Thursday, wallets linked to the U.S. government transferred 97 BTC and 884 ETH, sparking speculations that a sell-off could follow.
However, the transaction appears to align with the federal government’s efforts to consolidate its crypto holdings following Trump’s executive order issued on March 6.
As outlined in the fact sheet, the order mandates federal agencies to report their cryptocurrency holdings within 30 days to the Secretary of the Treasury.
This suggests that the $10.3 million in BTC and ETH transfers may be part of a broader asset consolidation initiative, rather than an immediate liquidation event.
Peter Brandt Predicts $65,635 Bearish Target
Veteran trader Peter Brandt has issued a stark bearish warning for Bitcoin, citing a bear wedge breakdown with a potential downside target of $65,635.
His technical analysis, shared on X, highlights a completed bearish pattern following a double top formation.
“Don’t shoot the messenger. Just reporting on what the chart says until it says something different. Bear wedge completed with 2X target from the double top at 65,635,”
Peter Brandt, March 28, 2025
Brandt’s chart illustrates Bitcoin’s rejection at $92,070, followed by a series of lower highs and a tightening wedge pattern.
The breakdown below $85,285 confirms the bearish trajectory, reinforcing concerns of a deeper correction.
If BTC continues on this path, a retest of $75,000 could come before reaching the projected downside of $65,635.
As selling pressure mounts, traders remain cautious about Bitcoin’s next moves. Whether bulls can reclaim key levels or if further downside awaits will largely depend on macroeconomic developments and investor sentiment in the coming days.
The post Why is Bitcoin Price Down Today? Peter Brandt Predicts $65,635 Bearish Target appeared first on CoinGape.
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