After passing under $ 90,000, Bitcoin suffered a selling pressure, resulting in almost 14 %. Find Elyfe's analysis to decipher the technical perspectives of the BTC.
Bitcoin course situation (BTC)
After crossing the support of $ 90,000, Bitcoin underwent selling pressure, amplifying its downward movement by almost 14 % and bringing its course around $ 78,200. Thus, the lowering hypothesis exposed in the analysis of February 25 was born.
Fortunately, Donald Trump's announcement concerning cryptocurrency reserves allowed Bitcoin to rebound at this level. Following this news, the BTC jumped more than 23 %, quickly joining the $ 96,700, a level corresponding to a values area, itself located just below the annual VWAP as well as the 200-day mobile average….
Unfortunately, this drop was sucked up at the start of the week. Indeed, although this increase has given hope to a recovery of the market, the price of bitcoin has undergone new downward pressure, once again impacting its decrease.
At the time of writing, Bitcoin is negotiated around $ 83,700. It seems to be maintained now in a subtle support area located at the 200 -day mobile average. His upward orientation testifies to an always upward long -term trend. However, the short and medium -term trend is clearly returned to the decline, as evidenced by Dow theory as well as the mobile averages of the 50 and 20 days, oriented downwards.
The bullish dynamic of Bitcoin has slightly rebounded, but remains generally revised downwards. This is reflected both in its price and in its oscillators, having reached new low points.
Current technical analysis was carried out in collaboration with Elyfeinvestor and popularizer in the cryptocurrency market.
Zoom on derivatives (BTC/USDT)
The downward recovery of the BTC has led to a drop in open interest as well as the financing rate, suggesting a gradual output of positions on BTC/USDT perpetual contracts, notably buyers.
Likewise, the CVD continued its decline, demonstrating a predominance of selling orders on the current market. This dynamic indicates a continuation of the aggressiveness of the sellers, illustrating strong selling pressure from investors.
Although a peak of selling liquidations was observed during the last rebound in the BTC, these mainly concern buying positions. This situation reflects the domination of sellers as well as increased volatility, weakening the buying force on the market.
The Liquidation Thermal Card of BTC/USDT perpetual contracts reveals that Bitcoin has reached an identified liquidation zone around $ 78,000. A buyer interest seems to have manifested itself, as evidenced by the price rebound in contact with this level.
Now, the key liquidation zones are on both sides of the current course.
- Above, a first liquidation area is identified between $ 95,000 and $ 98,000, followed by a larger area around $ 100,000. The latter extends up to $ 104,000 and precedes another area between $ 107,000 and $ 111,000.
- Below, the liquidation zone can be noted again around $ 78,000. Lower, a more marked area is located around $ 74,000. This precedes an even more marked area, between $ 67,000 and $ 61,000.
These thresholds constitute major inflection points for the market. An approach to the price to these levels could lead to the massive activation of orders, thus playing a key role in the next movements, depending on the dynamics of supply and demand.
Forecasts for the Bitcoin course (BTC)
- If Bitcoin manages to maintain itself above $ 83,300, a recovery could allow it to reintegrate the $ 96,500, thus opening the way to the resistance of $ 99,400, or even $ 100,000. Overcoming this threshold would then promote a return to $ 106,000, then to its ATH at $ 109,354, an increase of around 30 %.
- If Bitcoin fails to keep above $ 83,300, it could find a support around $ 78,200. A prolonged drop would then bring its price to the $ 76,000 threshold, or even $ 72,800. Finally, the break of this level could lead to a new fall to the $ 67,000 zone, representing a drop of approximately 20 %.
Conclusion
Bitcoin crosses a phase of high volatility, alternating between rebounds and corrections. Despite a renewed hope, the selling pressure persists, limiting any lasting recovery. In the short term, uncertainty dominates, and only a more assertive signal could reverse the current trend. In this context, it will be essential to closely monitor the reaction of prices at strategic levels in order to confirm or adjust current forecasts.
Finally, remember that these analyzes are based solely on technical criteria, and that the course of cryptocurrencies can evolve quickly according to other more fundamental factors.
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