Fun

Bitcoin Faces Rejection At $84,000, But Analysts Show 2020 Similarities – Recovery Ahead?

News Feed - 2025-03-14 11:03:00

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Este artículo también está disponible en español.


Bitcoin (BTC) has failed to reclaim $84,000 resistance again and has fallen 4% to retest another crucial support zone. Some analysts suggested that the cryptocurrency’s rally will be determined by its weekly close, which could see BTC crash or climb to new levels. Related Reading Solana (SOL) Retests Crucial Support Level – Is A 50% Price Drop On The Horizon? 1 day ago Bitcoin Hits $84,000 Wall Again


After losing the $84,000-$86,000 support zone on Sunday, Bitcoin has failed to reclaim this level. The flagship crypto has retraced over 11% in the past week, briefly falling to a 4-month low of $76,600 on Monday.


Since then, BTC’s price has hovered between the $80,000-$84,000 range, failing to break above the range’s upper zone for the past four days. Crypto analyst Jelle noted that this resistance level has been a key level throughout the first half of March.


Notably, the $84,000 mark served as an important bounce level during the start-of-month price pump and correction, and “reclaiming it will make all the difference for how the rest of the month goes.”


Bitcoin has attempted to regain this level in the past 24 hours, climbing to $83,900 on Thursday morning. To the analyst, a reclaim of $84,000 could propel the price back to the post-election breakout range, and things would “get real interesting.”


Ali Martinez pointed out that the biggest supply barrier for Bitcoin sits at the $95,000 range, where 1.2 million investors purchased 726,000 BTC. Bitcoin is consolidating in an ascending triangle. Source: Ali Martinez on X


He also noted that the largest cryptocurrency by market capitalization is consolidating within an ascending triangle, which could lead to a 9% surge to the $90,000 mark if it breaks out above $84,000.


Nonetheless, BTC failed to reclaim this key resistance and retraced to the $80,000 support zone. Jelle warned that “bulls need to defend the current area, or this could cascade towards the high seventies once more.” Is BTC’s Cycle Top Or Bottom In?


Ted Pillows suggested that BTC is poised for another leg up as its price action resembles previous performances. He highlighted that Bitcoin has held its ascending support trendline like in 2017 and 2020, which “shows that the cycle isn’t over yet.” BTC’s price action resembles past cycles’ performances. Source: Ted Pillows on X


Based on this historical price performance, the analyst considers that the cryptocurrency could retest the $72,000-$74,000 support before a local bottom is in. “After that, there’ll be some consolidation followed by the next leg up,” he explained.


Trader Titan of Crypto pointed at a potential reversal as BTC is “showing signs of bottoming on the weekly chart” with the Relative Strength Index (RSI) as support, an Oversold Stochastic RSI bullish crossover, and price at the lower Bollinger Band. He also noted that BTC’s price action resembles 2020’s market structure before a major breakout. Related Reading Ethereum Risks Another 15% Correction After Fall Below $2,000 – What’s Next For ETH? 2 days ago


Meanwhile, analyst Nebraskangooner affirmed that Bitcoin has been “historically predictable,” which suggests that its weekly close range will be key for the next move. According to the post, if BTC closes the week below $67,250, it would potentially indicate the market has already hit the top, as it would become a distribution range.


The analyst explained that the cryptocurrency has respected the “distribution, accumulation, and instant reversal” levels in every BTC bear market. If Bitcoin remains “historically predictable,” the cryptocurrency could fall to levels not seen since late 2023 and early 2024.


As of this writing, BTC trades at $80,810, a 3.4% decline in the daily timeframe. Bitcoin’s performance in the one-week chart. Source: BTCUSDT on TradingView Featured Image from Unsplash.com, Chart from TradingView.com

News Feed

Biggest Movers: GRT up 15%, While ZEC Rallies Following Recent Losses
Biggest Movers: GRT up 15%, While ZEC Rallies Following Recent Losses As crypto markets moved into the green on Tuesday, GRT was one of the biggest gainers, as prices rebounded fo
Dogecoin Whales Accumulate 1 Billion DOGE In A Month: Fueling Price Surge Speculation
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Paypal Hiring Over 100 Crypto Positions as Global Cryptocurrency Adoption Rises
Paypal Hiring Over 100 Crypto Positions as Global Cryptocurrency Adoption Rises Payments giant Paypal is hiring more than 100 crypto-related positions as demand
Ana Paula Pereira5 hours agoBinance’s CZ warns crypto community about emerging scamThe scheme consists of mirroring addresses and sending dust transactions to users to trick them into sending funds to the scammer’s w
Swiss State Secretariat Helps Blockchain Incubator Firm Set Up Base in South Africa
Swiss State Secretariat Helps Blockchain Incubator Firm Set Up Base in South Africa Switzerland’s State Secretariat for Economic Affairs (SECO) is reported
Analyst Predicts 50% “Moonshot” For XRP Price If This Line Breaks
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Zimbabwe Proposes Inclusion of VASPs in Its Securities Law — Move Applauded as ‘Step in Right Direction’
Zimbabwe Proposes Inclusion of VASPs in Its Securities Law — Move Applauded as "Step in Right Direction" The Zimbabwean government recently revealed its intent
Alibaba’s NFT Marketplace Allows Content Creators to Copyright Work via Blockchain IP Service: Report
Alibaba"s NFT Marketplace Allows Content Creators to Copyright Work via Blockchain IP Service: Report The Chinese multinational technology giant, Alibaba Group,
US Regulator: Investors Reported Losing Over $1 Billion in Crypto to Scams Since 2021
US Regulator: Investors Reported Losing Over $1 Billion in Crypto to Scams Since 2021 The U.S. Federal Trade Commission (FTC) has revealed that more than 46,000 people have reporte
And Satoshi’s True Identity is…
Who is Satoshi Nakamoto? More importantly, does it really matter? | Source: PixabayWho is Satoshi Nakamoto?The identity of the enigmatic pers
US Markets Tumble as Real Estate Weakens, Putin Suspends Nuclear Treaty, Morgan Stanley Warns of Stock Market ‘Death Zone’
US Markets Tumble as Real Estate Weakens, Putin Suspends Nuclear Treaty, Morgan Stanley Warns of Stock Market "Death Zone" On Tuesday, all four major U.S. benchmark stock indexes f
Creators of the Cool Cats NFT Collection Sign With Leading Talent Agency CAA
Creators of the Cool Cats NFT Collection Sign With Leading Talent Agency CAA According to a report released on Friday, the creators of the non-fungible token (NFT) collection Cool