Fun

Bitcoin Nears $76,000 Target Amid Price Correction — But Will This Support Hold?

News Feed - 2025-03-02 12:03:21

Este artículo también está disponible en español.


Over the past week, Bitcoin has experienced a strong market correction with prices falling as low as $80,000. Based on a double top formation, Bitcoin is expected to head to $76,000 before re-establishing an uptrend. However, market analyst Cryptododo7 has indicated the possibility of a lower market bottom. Related Reading Bitcoin Miners Are Hoarding Their Crypto Despite Plunge—Here’s What It Means 1 day ago Bitcoin Bears In Control: Will $67,000 Emerge As Ultimate Support Level?


The Bitcoin market fell under siege in the last week with total liquidations reaching $670 million. During this period, the assets crashed by over 15% from an opening market price of $95,000 confirming the formation of a double-top pattern.


For context, the double top is a bearish reversal chart pattern that appears after an uptrend. It consists of two peaks at a similar price level, separated by a pullback. This formation is well represented by Bitcoin’s price at $108,000 in December and $109,000 in January separated by the price correction in late December. Source:  @cryptododo7 on X


Amid the falling prices in the past week, Bitcoin dipped below the double top neckline level at $91,500 confirming a price reversal. In accordance with the bearish signal, Bitcoin is expected to return to $76,000 around which it embarked on its price rally to its initial peak at $108,000.


However, Cryptododo7 explains there is potential for BTC to rapidly drop to its maximum Fibonacci level at $67,000 which would serve as the support level with no further downside. In gauging the eventual ultimate Bitcoin support level, Cryptododo7 notes that market reaction at $73,000-$76,000 will be quite important as strong buying pressure at this level could result in a sharp price rebound. Related Reading Don’t Call Bitcoin Bottom Just Yet, CryptoQuant Head Says: Here’s Why 1 day ago BTC Active Addresses Rise Amid Price Fall


In other news, blockchain analytics firm IntoTheBlock reports that the number of Bitcoin active addresses is increasing despite the ongoing price fall.  Notably, this metric has reached its highest daily level since December 2024 suggesting a significant surge in on-chain activity.


  Source: @intotheblock on X


Historically, such developments usually occur at major market turning points i.e. either peaks driven by new entrants rush or bottoms  due to panic selling and opportunistic buyers. According to IntoTheBlock, this surge in on-chain activity could indicate that the BTC market could be at a crucial turning point, however, investors should note that no single metric guarantees a price reversal.


At press time, BTC trades at $84,961 with a 2.54% increase in the past day. Meanwhile, daily trading volume is up by 13.69% and valued at $71.43 billion. BTC trading at $84,991 on the daily chart | Source: BTCUSDT chart on Tradingview.com Featured image from iStock, chart from Tradingview

News Feed

Automated Investment Service Firm Wealthfront Adds Support for Grayscale’s BTC, ETH Trusts
Automated Investment Service Firm Wealthfront Adds Support for Grayscale"s BTC, ETH Trusts On Thursday, the Palo Alto-based automated investment service firm, We
Cryptocurrency Exchanges Are Fighting to Escape Binance’s Shadow
Cryptocurrency Exchanges Are Fighting to Escape Binance’s Shadow It’s impossible to assess the cryptocurrency landscape without considering Binance. It looms large over t
Sam Altman’s Worldcoin ordered to stop collecting data in Spain
Tristan Greene7 hours agoSam Altman’s Worldcoin ordered to stop collecting data in SpainAfter hitting 1 million daily users on WorldApp, Worldcoin is running into regulatory roadblocks.1714 Total views14 Total sharesLi
El Salvador launches $360M Bitcoin treasury monitoring website
Zoltan Vardai14 hours agoEl Salvador launches $360M Bitcoin treasury monitoring websiteEl Salvador was the first country to adopt Bitcoin as legal tender in 2021 and now holds over 5,700 BTC.5202 Total views6 Total share
Crypto Exchange EurekaX Offers Liquidity Throughput for Traders, Announces 300 ERK Signup Bonus for Early Adopters
Cryptocurrency exchanges are an intricate part of the digital asset industry, as they provide token traders the ability to maximize the fungible quality of tokens. However, a major limitation is liquidity, which is the a
Prashant Jha11 hours agoiFinex proposes $150M share buyback from Bitfinex hack victims: ReportBitfinex hack victims from 2016 received iFinex shares as compensation, as the crypto exchange didn’t have enough cash to ma
Euler announces 29 audit reports after $4M spent to shore up security
Christopher Roark10 hours agoEuler announces 29 audit reports after $4M spent to shore up securitySome vulnerabilities in Euler v2 were found and resolved, and a subsequent $1.25 million bug bounty contest found no vulne
Bitcoin, Ethereum Technical Analysis: BTC Nears $17,000 Heading Into the Weekend
Bitcoin, Ethereum Technical Analysis: BTC Nears $17,000 Heading Into the Weekend Bitcoin was closing in on the $17,000 level on Friday, as cryptocurrency markets rebounded heading
Price analysis 5/13: SPX, DXY, BTC, ETH, BNB, SOL, XRP, TON, DOGE, ADA
Rakesh Upadhyay1 hour agoPrice analysis 5/13: SPX, DXY, BTC, ETH, BNB, SOL, XRP, TON, DOGE, ADABitcoin"s strong rebound of the $60,000 level is encouraging but it still could be a hint that BTC"s range-bound action could
After Empire’s Exit Scam, Darknet Market Patrons Scramble to Find Alternatives
After Empire"s Exit Scam, Darknet Market Patrons Scramble to Find AlternativesEver since the darknet market (DNM) Empire went under, DNM patrons have been scrambling to find reliabl
Alchemy Pay’s Unique Crypto-Fiat Payment Solution Disrupts the Industry
Alchemy Pay’s Unique Crypto-Fiat Payment Solution Disrupts the Industry sponsored On November 6, 2021, Alchemy Pay’s Chief of Staff, Karmen Tang, delivered her keynote addr
Prashant Jha14 hours agoTether stablecoin loans rise in 2023 despite downsizing announcement in 2022Tether said the new loans were made at the request of some of its long-standing partners, and it plans to cut it down to