Bitcoin Price Reclaims $84,000, Here Are Key Levels to Watch

Coinspeaker
Bitcoin Price Reclaims $84,000, Here Are Key Levels to Watch

The world’s largest cryptocurrency, Bitcoin BTC $83 747 24h volatility: 1.0% Market cap: $1.66 T Vol. 24h: $28.07 B , is back in the spotlight after its price reclaims the $84,000 mark. This price movement suggests a potential period of stability following recent negative growth trends.

The broader digital asset market is also experiencing a key shift, driven by reduced selling pressure mixed with growing institutional demand.

Bitcoin Price Holds $84,000 as Selling Slows

Bitcoin’s price was $84,306.76, up 2.62% in the last 24 hours. Similarly, BTC’s trading volume jumped by 35.95% in 24 hours to approximately $27.58 billion.

Notably, the circulating supply is 19,844,915 BTC, contributing to a market capitalization of approximately $1.675 trillion.

Recent data from CoinGlass shows remarkable growth in open interest in Bitcoin futures. If anything, it shows increased trader engagement. The total open interest in BTC futures across major exchanges is over $103.04 billion, up by more than 1%.

In addition, CryptoQuant analyst Axel Adler Jr. noted a significant decline in selling pressure across major exchanges. Daily selling volume has declined from 81,000 BTC to 29,000 BTC, implying that fewer traders are offloading their holdings.

The average selling pressure on top exchanges has dropped from 81K to 29K BTC per day.

Welcome to the zone of asymmetric demand.

The market has successfully absorbed waves of profit-taking following the break above $100K.
Sellers have dried up, and buyers seem comfortable with… pic.twitter.com/mgzrCacMMq

— Axel 💎🙌 Adler Jr (@AxelAdlerJr) April 1, 2025

Experts also speculate that this reduction in selling activity could result in a supply shortage in the coming weeks, potentially providing strong support for Bitcoin’s price swing. In addition, some market analysts believe that Bitcoin could remain in a consolidation phase throughout April and May.

Price fluctuations may become less volatile as the market absorbs recent gains. Despite a brief dip below $82,000 in March, buyers quickly strengthened Bitcoin to the $81,500 support level. If this trend continues, Bitcoin price could sustain its position above $84,000 and move higher.

Still, with small numbers of sellers in the market, investors are closely watching resistance levels. The immediate target is $85,000, a price point tested multiple times recently. A potential breakout above this level could set the stage for a rally toward $88,000 or higher.

On the downside, the main support level is $81,500, with a potential to retest $78,000 if selling pressure picks up again. Top trader Peter Brandt has not ruled out the possibility of Bitcoin testing the $70,000 floor again if the key support level fails to hold.

As the market eases into the latest recovery moves, the resistance at the $86,000 mark and support at $78,000 are worth watching.

Institutional Demand and Binance Impact

It is worth mentioning that corporate investors are important in determining the direction of Bitcoin price.

Unlike retail traders, institutions operate on longer investment cycles, which often reduces market volatility. Drawing on this institutional embrace, Japanese investment firm Metaplanet Inc. acquired an additional 696 BTC using cash-secured put options, bringing its total holdings to 4,046 BTC.

Some analysts presently hold that Bitcoin price movement and consolidation will largely be influenced by macroeconomic events such as Federal Reserve policy shifts and inflation reports.

Another critical factor shaping the Bitcoin trend is Binance’s dominance in the spot trading market. Binance’s trading volume is now eight times higher than Coinbase’s.

In the past, BTC has seen an increase in price when Binance leads in trading volume. If this trend continues, Bitcoin could gain further upward momentum.

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Bitcoin Price Reclaims $84,000, Here Are Key Levels to Watch