BITCOIN PRICE ANALYSIS & PREDICTION (March 24) – BTC Retakes $87k Amid Rising Volume, Continues to Suspend Bearish
Since bouncing off $76.6k two weeks ago, Bitcoin has shown signs of strength, but remains bearish on the monthly scale. While looking for a retest, it will most likely resume bleeding as soon as supply increases.
Bitcoin continues to recover daily as it took a temporal break in the short-term correction, which led to a serious bleeding since the start of the year. Its long-term structure remains bullish, but things might get worse for the primary crypto if the price dips below the rising trendline.
Adding over $10k to its price in 13 days, it is now trading well above $87k following a 3% increase in the last 24 hours. The price appears strong today as it slowly charges at the key $90k level amid volume inflow. This level will likely pose a threat as soon as it reaches there.
With the fact that Bitcoin’s bias is still bearish on the short-term, we can anticipate another drag down when the supply level increases. For now, demand looks a bit high due to the daily volume inflow since the price bounced back on the 11th of this month.
That bounce has brought a sigh of relief over the past few days, but as we can see, Bitcoin’s volatility looks shrink during this recovery phase. While this indicates a period of liquidity gathering, we can expect more dips. A strong monthly close above the mentioned key level could bring a temporal shift before deciding where to head next.
BTC’s Key Levels To Watch
As the price slowly increases, Bitcoin’s next key target lies at $91k. A cross above this level could facilitate more recoveries to $95,000. Above it lies the important $100,000 level.
But from a technical standpoint, the price is much more likely to fall in the next few days due to the asset’s current bearish condition. When that happens, the support levels to watch for tests are $81,135 and $76,606 with a potential breakdown to $73,620.
Key Resistance Levels: $91,000, $95,000, $100,000
Key Support Levels: $81,135, $76,606, $73,620
- Spot Price: $87,481
- Trend: Bearish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.
