"Screams at Trump's Remarks"...Bitcoin (BTC) Hits $85,000, Then Slips

▲ Bitcoin (BTC) decline/AI-generated image

As geopolitical tensions escalated with US President Donald Trump rejecting Iran's proposal regarding the Strait of Hormuz, major cryptocurrencies entered a period of consolidation. While Bitcoin (BTC) and Ethereum (ETH) saw slight retreats, Dogecoin (DOGE) alone showed an upward trend.

According to Benzinga, a US investment media outlet, on September 28 (local time), the cryptocurrency market showed a wait-and-see attitude ahead of developments in negotiations between the US and Iran and the release of key macroeconomic indicators. Bitcoin briefly touched $85,000 on Sunday before slipping below the $84,000 mark to trade at $84,057.20. Ethereum fluctuated between $2,667 and $2,720, settling at $2,672.82, and XRP saw a slight decrease to $1.52. In contrast, Solana (SOL) rose 1% to $122, and Dogecoin increased by 0.70% to $0.09675.

In the derivatives market, large-scale forced liquidations occurred. According to Coinglass data, over $190 million worth of positions were liquidated in the cryptocurrency market over the past 24 hours. The volume of long and short position liquidations was almost equal. Bitcoin open interest decreased by 0.50% in the last 24 hours and by over 11% in the last week. Whale derivatives traders on Binance shifted to a bullish outlook, while retail investors maintained a neutral stance.

Market analysts pointed to $84,800 as the key price level for Bitcoin's upward breakout. Cryptocurrency trader Michaël van de Poppe stated, "The only level Bitcoin needs to overcome to resume its uptrend is $84,800," adding, "If that resistance is breached, an upward rally towards the $90,000 level will follow."

Conversely, technical analysis also warned of a potential re-entry into a short-term trading range. Certified market analyst Aksel Kibar assessed that Bitcoin's weekly candle near the $84,000 to $85,000 range does not appear to be a decisive breakout. Kibar warned that hesitant price movements in that range could pull Bitcoin back into its previous trading range.

The market's short-term volatility is increasing due to the combined effects of difficult negotiations with Iran and caution surrounding macroeconomic indicators. Investors are keenly watching to see if Bitcoin, now battling the $84,800 resistance, can break through geopolitical uncertainties and reach a new all-time high of $90,000.

[Article Summary]

-Bitcoin (BTC) slightly slipped to the $84,000 level amid US President Donald Trump's rejection of Iran's proposal.

-Over $190 million worth of futures positions were liquidated in 24 hours, and open interest decreased by 11% weekly.

-A direct path to $90,000 if $84,800 is breached was met with strong warnings of re-entering a trading range.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*