Bitcoin (BTC) is traded on the territory of the bear, but from a wider point of view, assets remain in the bull market after reaching a record maximum of $ 108,000 at the end of January.
Now technical indicators are hinting that the bull market for the first digital currency may end.
In particular, the 50-week sliding medium (MA) bitcoin serves as an important level of support, and it can signal it weekly about the end of the continuing bull market, according to crypto-analytics Mikybull CryptoField
In a post on March 4, the analyst noted that a similar gap in 2021 marked the end of this bull. Bitcoin reached 69,000 US dollars before closing below 50 weeks of MA by $ 42,500, which caused a long market the bear. Today, BTC is again testing this key level, now it is about 75,000 dollars.
MA50 acts as a basis during bull cycles cycles, smoothing price trends. Historically, the loss of this level led to deeper corrections or the beginning of bear markets.
Bitcoin is a potential rebound zone
Meanwhile, analyst Cipherx He believes that Bitcoin’s real step is still ahead, but investors must foresee further losses to any increase. In this case, the expert predicted a potential fall of $ 78,000 to a strong rebound.
His prospects indicated that BTC recently encountered a double deviation of about $ 110,000, which gained lower than $ 94,000 below the support range. The next key level costs about 78,000 dollars, which is a strong historical resistance that has become supported. Therefore, if Bitcoin holds this level, this can cause a rebound to new maximums.
The last decline in Bitcoins follows a hype around the strategic announcement of cryptography of President Donald Trump, which briefly raised a cryptocurrency over 90,000, before it fell.
This step caused a negative reaction, since critics such as an economist and skeptic Bitcoin, Peter Schiff accused Trump of Crypto -Okovch because he included multiple cryptocurrencies, and not concentrated exclusively on bitcoins, as he promised on a trace of the campaign.
In addition to market trembling, Trump’s last tariff plans are moving forward, asking for the liquidation of $ 1 billion on exchanges.
Bitcoin losses can also continue further, since institutional demand is weakened. In this line, March 3, Spot Bitcoin Truck Proud Funds (ETFS) recorded an outflow of $ 74.2 million. The United States, after last week $ 2.39 billion last week last week.
If the outfills are preserved, Bitcoin can test $ 80,000, which will view the key level. A deeper drop could deprive of hope for the restoration of Marta.
Bitcoin prices analysis
Bitcoin traded at 83,262 US dollars during printing, 10% in 24 hours. On the weekly graphics, losses are 6%, since bear feelings remain stable.
In general, the price effect of Bitcoin depends on the support zone of 78,000 and 80,000 US dollars, where the breakdown can deepen losses, while the rebound can revive a bull impulse by $ 94,000 and older.
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