• Mon. Mar 17th, 2025

Bitcoin Analysis: BTC Eyeing $95K Retest Amid Long Wicks Signal at 200-Day Support

Byeditor

Mar 5, 2025

## Bitcoin Technical Analysis: Potential for Testing $95K Again

Introduction

Bitcoin has experienced significant volatility in recent days, with its price fluctuating between $78,000 and $95,000. This report provides a detailed technical analysis of Bitcoin’s current market trends and potential future movements.

Current Market Conditions

As of March 5, 2025, Bitcoin is struggling to maintain its position above $88,000, facing resistance at $88,972.37. The cryptocurrency has shown resilience by establishing support at $81,502.03, but it remains under pressure due to ongoing selling momentum[1]. The recent price surge was largely influenced by President Trump’s comments on creating a strategic cryptocurrency reserve, which included Bitcoin[2].

Technical Indicators

Moving Averages: The short-term trend is strongly bullish, with 89.29% of moving average signals indicating a bullish stance[3]. However, the 50-day MA crossing below the 100-day MA suggests potential for further downside[2].

Relative Strength Index (RSI): The RSI has been oscillating between oversold and overbought conditions, influencing price fluctuations. Currently, the RSI is back above 50, supporting a bullish outlook[3].

MACD: Golden crosses on the MACD line have signaled potential recoveries, but death crosses have reinforced downtrends[1].

Support and Resistance Levels

Support Levels: Immediate support is at $85,000, followed by $83,500 and $80,000[2]. A critical support level is at $86,813.41, which Bitcoin must hold to avoid further decline[1].

Resistance Levels: Immediate resistance is at $86,567, followed by $88,096 and $90,000[2]. The next significant resistance is at $90,303.20, which could boost bullish momentum if breached[3].

Elliott Wave Analysis

Elliott Wave analysis can provide insights into Bitcoin’s short-term movements. This method involves identifying patterns in price action that reflect investor psychology and market sentiment. As of March 5, 2025, Bitcoin’s wave pattern suggests potential for a rebound, but this depends on maintaining key support levels[5].

Long Wicks and 200-Day Average Support

Long wicks in Bitcoin’s price chart often indicate strong support or resistance levels. If Bitcoin tests its 200-day moving average as support, it could lead to a significant rebound. The presence of long wicks near this average might signal a buying opportunity, potentially pushing Bitcoin back towards the $95,000 level.

Conclusion

Bitcoin’s technical analysis suggests a complex market environment with both bullish and bearish signals. While the short-term trend is bullish, longer-term indicators hint at potential downsides. The cryptocurrency’s ability to test $95,000 again will depend on its capacity to hold key support levels and overcome resistance. Traders should closely monitor market sentiment and technical indicators for signs of a sustained uptrend.

Recommendations

Buyers: Consider entering long positions if Bitcoin maintains support above $85,880.25, targeting resistances at $90,303.20 and $93,353.12[3].

Sellers: Be cautious of potential corrections if Bitcoin fails to break through key resistance levels, as this could lead to a downtrend.

Final Thoughts

Bitcoin’s market is highly volatile, and its future movements will be influenced by a combination of technical factors, market sentiment, and external events. Traders should remain vigilant and adapt their strategies according to evolving market conditions.

Related sources:

[1] coinfomania.com

[2] www.marketpulse.com

[3] www.centralcharts.com

[4] www.binance.com

[5] www.litefinance.org

By editor

Leave a Reply

Your email address will not be published. Required fields are marked *