The first quarter of this year has been rough for Bitcoin following an over 20% correction. While there’s still hope for a recovery, we can expect a positive turnaround if the bulls show strong commitment.
Last month came with a lot of relief following a bounce off the $76.6k level, but things later turned ugly as Bitcoin short-lived the momentum under the $89k level due to a bearish interception. It lost steam afterward and closed that month on a weak note.
However, the $81k level has temporarily provided support, and it’s now trading calmly on the first day of the new month. While negotiating the next major move, the bears may mount pressure to attack the $80k level. This level corresponds with the rising support trendline, which has been forming since August 2024.
A breakdown there could bring us back to last month’s low. This should validate an extension of the bearish trend, which may dip the price to a new monthly low of $71k – considered a key target level during this dip. As the market remains fearful in the short term, more pain is expected.
If the bulls defend the previous monthly low well, we may see a major buyback to the top. But from a technical perspective, Bitcoin will likely see another drag down before regaining momentum.
BTC’s Key Levels To Watch
The $81,135 level is currently providing support. If the bears reclaim the recent $76,606 low, it may face a minor support at $73,620 before testing the main $71,000 level.
Aside from $85,800, the recently rejected $88,765 level is now marked as resistance. If Bitcoin climbs back above it due to a resurge, we can expect an increase to $91,000 and $95,000 in the future.
Key Resistance Levels: $85,800, $88,765, $95,000
Key Support Levels: $81,135, $76,606, $73,620
- Spot Price: $84,133
- Trend: Bearish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.