Bitcoin continues its rise and reaches $57,000!  Crypto Analysis for February 27, 2024

After recording a drop of more than 10%, Bitcoin rebounded and then regained $70,000. Let's analyze together the future prospects for the BTC price.

Status of Bitcoin (BTC)

After continuing to decline, Bitcoin reached a low point around $60,000. It was from this level that a renewed interest from buyers manifested itself, leading to an increase in its price to $68,000. It then required additional support from buyers near $62,000 to finally cross the $70,000 threshold. Thus, the short-term trend of Bitcoin appears to be reversing. It is notable that it has again exceeded the key value zone of $67,000. The next one is around $72,000.

At the time of writing, the Bitcoin price is trading around $70,500. It once again appears to be moving upwards from its 50-day moving average, which itself is trending upwards. This suggests a continuation of the current trend. The dynamics of the parent cryptocurrency, for its part, rebounded without surprise. This rebound is illustrated both by the oscillators and by the price itself.

BTCUSD Daily ChartBTCUSD Daily Chart
BTCUSD Daily Chart

The current technical analysis was carried out in collaboration with Elie FT, a passionate investor and trader in the cryptocurrency market. Today trainer at Family Tradinga community of thousands of own-account traders active since 2017. You will find Lives, educational content and mutual assistance around the financial markets in a professional and warm atmosphere.

Focus on derivatives (BTCUSDT)

Open interest on BTC/USDT contracts has followed its price direction, which is rising. The latter has increased by 20% since Bitcoin crossed $62,000. This increase was accompanied by subtle, mostly short liquidations, as well as a slight increase in the financing rate. This indicates that interest in Bitcoin perpetual contracts is primarily oriented toward buying.

Bitcoin Open Interest / Liquidations & Funding rateBitcoin Open Interest / Liquidations & Funding rate
Bitcoin Open Interest / Liquidations & Funding rate

The one-month liquidation heatmap shows that BTC/USDT recently crossed a strong liquidation zone highlighted in the March 19, 2024 analysis. This was in the price range between $69,000 and $71,000. $. It now appears that buying interest persists, given the price's ability to hold at this level. Now we can highlight the area around $75,000. Below, the area around $63,000 is still notable. As the market approaches these levels, we could see a massive triggering of orders, which would potentially increase the volatility of the cryptocurrency. These areas therefore represent major points of interest for investors.

BTC Liquidation Heatmap (1 month)BTC Liquidation Heatmap (1 month)
BTC Liquidation Heatmap (1 month)

Hypotheses for the price of Bitcoin (BTC)

  • If the price of Bitcoin manages to stay around $65,000, we could envisage a new ATH (All-Time High) at $75,000. The next resistance might be harder to identify, however, we can highlight $78,000. Then, without being too optimistic, we can note the $80,000. Reaching this last level would mark an increase of around +13%.
  • If the price of Bitcoin fails to maintain above $65,000, we could envisage support for buying interest in the $60,000 zone. The next level to take into account, if the bearish movement continues, would be around $58,000. At this stage, this would represent a drop close to – 17%.


Bitcoin reversed its short-term bearish trend, crossing $70,000 thanks to a surge in buyers, with indicators suggesting a possible extension of this latest move. As positive as this may seem, it remains crucial to carefully observe the price reaction at different key levels to confirm or refute the current assumptions. It is also important to remain vigilant against potential “fake outs” and “market squeezes” in each scenario. Finally, let us remember that these analyzes are based solely on technical criteria and that the price of cryptocurrencies can also evolve quickly depending on other more fundamental factors.

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