After forming a double-top pattern, Bitcoin broke down to a four-month low but has recovered significantly from the dip. It currently appears strong, but the next direction remains unknown while bearish.
As expected, Bitcoin’s price collapsed last week following a strong breakthrough at the crucial $90k level, which has been standing as support for more than three months. It tested $78.2k with a long wick and closed that week’s price well above the lost crucial support.
The collapse started after losing grip above the $95k level, but the price interestingly retested that level during yesterday’s surge – completing a break and retest pattern. The level was rejected, and the price dropped to around $93.6k at the time of writing.
Retaking the rejected high with a surge could fuel more buying towards the $100k mark. This could signal a trend shift on the daily chart. But looking at the market, there’s no conviction for a shift yet following the latest price rejection.
Of course, Bitcoin’s downtrend is still in play on the daily chart, but things are likely to change if the price stays well above the recent low. Otherwise, it may experience more dips in the coming days. Currently, it is gaining traction on the day.
BTC’s Key Levels To Watch
Source: Tradingview
Marking the $95k level as resistance since last weekend, a push above it should advance recovery to $99,550. The $103,278 level is the next resistance to watch, followed by the $109,588 resistance.
Towards the downside, the $91k level is providing support along with $85k and $80k. If the price collapses through these levels to reclaim last week’s $78,258 low, the next drop may surface at $71k.
Key Resistance Levels: $99,550, $103,278, $109,588
Key Support Levels: $91,000, $85,000, $80,000
- Spot Price: $93,615
- Trend: Bearish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/bitcoin-price-analysis-prediction-march-3-has-btc-ended-bearishness-following-a-sudden-increase-above-90k/