Bitcoin Holds $95K Support Despite Heavy Selling Pressure

Bitcoin has shown remarkable resilience in the face of one of the largest selling events since 2022, maintaining its position above the key $95,000 psychological support level. Despite a significant intraday sell-off on February 9, where Bitcoin briefly dipped to $94,726, the cryptocurrency has managed to recover, holding steady near $97,751 as of February 10.

Largest Selling Pressure Since 2022

This price action comes despite the most substantial daily selling pressure seen in the Bitcoin market since the collapse of the Three Arrows Capital (3AC) hedge fund in mid-2022. According to André Dragosch, head of research at Bitwise Europe, the level of selling on Bitcoin spot exchanges has reached new highs not seen since 3AC's downfall. He remarked on social media: “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.”

This notable selling pressure underscores the market’s ability to absorb heavy sell-offs, with Bitcoin demonstrating resilience in maintaining its price level. Dragosch suggests that this could signal "seller exhaustion," a potential indicator that the market may be nearing a point of stabilization.

The Shadow of 3AC's Collapse

The 3AC collapse in 2022 sent shockwaves through the cryptocurrency market, with the Singapore-based hedge fund once managing over $10 billion in assets. The fallout from 3AC’s insolvency led to the liquidation of significant Bitcoin holdings, causing widespread liquidations and triggering a series of bankruptcies within the crypto lending space, including major platforms such as BlockFi, Voyager, and Celsius.

Despite the heavy selling activity, Bitcoin has held its ground around the $95,000 level, showing a level of price resilience not witnessed during the 3AC crash. The market’s ability to absorb this level of pressure may suggest that investor sentiment is stabilizing, despite macroeconomic uncertainties.

Bitcoin's Momentum Relies on $93K Support

Bitcoin's next major price hurdle is maintaining support around the $93,000 mark. If the price fails to hold this level, it could trigger significant downside volatility due to the growing levels of leveraged positions in the market. According to CoinGlass data, a dip below $93,000 could lead to the liquidation of over $1.7 billion in leveraged long positions across all exchanges, exacerbating any price decline.

Should Bitcoin breach this support, the price could fall further to around $91,500, as noted by Ryan Lee, chief analyst at Bitget Research. The current global trade war concerns—particularly the announcement of new import tariffs by the United States and China—are adding pressure on Bitcoin's price. These geopolitical tensions have raised the specter of increasing economic uncertainty, which could push Bitcoin below the $90,000 mark in the short term.

Trade War Concerns Weighing on Sentiment

The trade war between the U.S. and China is an ongoing issue contributing to broader market concerns, including those in the cryptocurrency sector. The tariffs imposed by both countries have heightened fears of a global economic slowdown, adding to the uncertainty surrounding Bitcoin’s price movement. Investors are closely monitoring any developments in the negotiations between U.S. President Donald Trump and Chinese President Xi Jinping, with hopes that a resolution could prevent a full-scale trade war.

President Trump was scheduled to meet with President Jinping on February 11, but reports from U.S. officials indicate that the meeting may be delayed. These discussions are critical in determining the future direction of global trade tensions, which will likely have a significant impact on risk assets like Bitcoin.

Conclusion: Watch $93,000 Support Level

Bitcoin's ability to hold above $95,000 despite massive selling pressure shows significant market resilience. However, its next key test will be maintaining the $93,000 support level. A drop below this threshold could trigger a wave of liquidations, adding to the downward pressure and potentially sending Bitcoin toward the $90,000 mark. With global trade tensions looming, investors are bracing for further volatility, while awaiting developments in the U.S.-China negotiations. How Bitcoin reacts to these macroeconomic pressures in the coming days will be crucial for its near-term price trajectory