Crypto Markets Consolidate Around $83K and $2.7K Amid Rising Risks
Bitcoin's price has stabilized around $83,900 as the crypto market consolidates. Ethereum is trading at approximately $2,680, up 2.36% in the past 24 hours. Some experts believe that Bitcoin's recent gains are being reversed due to rising US Treasury yields and higher oil prices.
Avinash Shekhar, Co-founder & CEO of Pi42, notes that Bitcoin is trading around the $83,500 mark after giving back some of its recent gains. He emphasizes that a move above $85,000 could help restore momentum towards the recent highs. For now, the $82,000-$83,000 zone remains an important near-term support area for Bitcoin.
Prateek Gupta, Head of Business at Mudrex, believes that the current move looks more like risk-off pressure and profit-taking rather than a fundamental reversal. However, he warns about rising liquidation risks, with Binance showing $4.35 billion in long positions below current levels versus $1.65 billion in shorts above.
Nischal Shetty, Founder of WazirX, observes that Bitcoin is trading near $83,022 within a constructive daily structure. He notes that immediate support lies around $81,700-$82,000, while $83,200-$83,500 forms resistance. Holding support could stabilize momentum, but reclaiming resistance may restore buyer control.