BITCOIN PRICE ANALYSIS & PREDICTION (March 20) – BTC Selling Remains Intact as it Consolidates For The Next Drawdown
The past few days have been a relief in the crypto space as Bitcoin bounced off a new multi-month low with a 59% market dominance. This brought slight gains but is now consolidating for the next major move.
This year has been very rough for Bitcoin following a consistent weekly drop since it lost grip above the historic $109k level last December.
Aside from the huge loss, this drop has generated a lot of controversy among traders and investors, and at the same time raised concern about whether the price will bounce back or not due to the fear, uncertainty and doubt – FUD surrounding the space lately. But still, the bulls remain hopeful of a positive move once it finds a solid ground level.
However, the primary crypto has taken a little break in selling over the past week after rejecting a four-month low of $76.6k. This low produced support with a bounce to $85.3k last week, but is likely to resume drops soon as it is yet to finish bleeding from a technical perspective.
The $70k level is considered the key target for Bitcoin in this ongoing downtrend. For this reason, we can expect more extensions as soon as it finishes consolidating on a daily scale. Once the price reaches this key target level, we should anticipate a major buyback capable of reversing the trend completely. Otherwise, bigger losses might be lying ahead.
BTC’s Key Levels To Watch
Marking resistance at $85.3k during last week’s bounce, Bitcoin is now gathering momentum for the next move amid consolidation. However, higher resistance levels are marked at $91k and $95k in case of more recovery.
Extending bearishness, it must lose the $80k level to reclaim the recent $76.6 low. Losing it could collapse the price straight to $73,620 and $69,500, located below the rising support line.
Key Resistance Levels: $85,309, $91,000, $95,000
Key Support Levels: $76,606, $73,620, $69,500
- Spot Price: $83,549
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.
