Bitcoin Holds Above $95,000 Despite Selling Pressure

Bitcoin continues to trade above the crucial $95,000 psychological support level, even after experiencing one of the most substantial intraday sell-offs since 2022.

According to data from TradingView, Bitcoin’s price saw a sharp rebound after briefly dropping to a one-week low below $94,700 on February 9.

Despite facing intense daily selling pressure—the highest since the collapse of Three Arrows Capital (3AC)—Bitcoin has shown remarkable resilience, noted André Dragosch, head of research at Bitwise Europe.

In a February 10 post on X, Dragosch stated:

“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.”

He also suggested that this price stability might indicate “seller exhaustion.”

The downfall of 3AC, a Singapore-based crypto hedge fund that once managed over $10 billion in assets, significantly impacted the crypto market in 2022.

Just weeks before the Terra collapse, 3AC had exchanged around $500 million worth of Bitcoin with the Luna Foundation Guard or an equivalent fiat amount in LUNC.

his triggered a wave of liquidations that severely affected crypto lenders like BlockFi, Voyager, and Celsius, many of which eventually filed for bankruptcy due to their exposure to 3AC.

Investor sentiment around Bitcoin remains fragile amid rising global trade tensions, fueled by new import tariffs announced by both the United States and China.

Although Bitcoin briefly dipped below $95,000, a deeper correction below the $93,000 support level could trigger significant volatility due to increasing market leverage.

Data from Coinglass indicates that a drop below $93,000 could liquidate over $1.7 billion in cumulative leveraged long positions across all exchanges.

Ryan Lee, chief analyst at Bitget Research, told Cointelegraph that breaching the $93,000 level might lead to a further decline toward $91,500.

Additionally, worsening trade tensions could heighten economic uncertainty, potentially pushing Bitcoin below $90,000 in the near term, despite its role as a hedge against traditional financial market volatility.

Meanwhile, traders are closely watching for updates on President Donald Trump’s planned meeting with Chinese President Xi Jinping, which aims to ease trade tensions and prevent a full-scale trade war.

Although the meeting was initially scheduled for February 11, a February 4 report from The Wall Street Journal, citing unnamed U.S. officials, suggests it may be postponed.

Sources:

https://cointelegraph.com/news/bitcoin-holds-95k-seller-exhaustion-liquidations-loom

https://x.com/Andre_Dragosch/status/1888861541656658396/photo/1

https://www.coinglass.com/pro/futures/LiquidationMap

https://www.wsj.com/livecoverage/trump-tariffs-us-trade-stock-market-02-04-2025