Bitcoin Price Plummets, Is a Deeper Drop on the Way? Here’s the Latest Technical Analysis!

Jakarta, Pintu News – The price of Bitcoin BTC3.21%->Current BTC PriceRp 1.393.916.8543.21%Market CapRp 33.034 TriliunTrading VolumeRp 1.590 TriliunCirculating SupplyRp 19.797.675 has experienced a sharp decline from the $90,000 zone and is now below $82,500. With this new downward trend, many are questioning whether there will be a deeper correction. This analysis will dig deeper into the recent price movements and potential next directions for the cryptocurrency.

Current Technical Analysis

Bitcoin (BTC) price recently started a significant decline below the $85,000 level, breaking the supports at $83,000 and $80,000. Eventually, the price reached the $76,500 support zone. The lowest point was recorded at $76,818 before the price started consolidating. Bitcoin (BTC) briefly rose past the $78,000 and $78,500 resistances, pushing the price close to the 23.6% Fib retracement level of the decline from $91,060 to $76,818.

Price is currently below $80,000 and the 100-hour simple moving average. On the upside, the immediate resistance is near the $80,200 level with the first key resistance at $82,000. There is also a key bearish trend line formed with resistance at $82,200 on the hourly chart of the BTC/USD pair. The next key resistance might be $84,000, which is near the 50% Fib retracement level of the decline.

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Potential Price Increase

If Bitcoin (BTC) price manages to break the $84,000 resistance, it could push the price higher. In that scenario, the price could rise and test the resistance level of $85,500. A further rise might push the price towards $88,000 or even $96,200. This rise will depend on various factors, including market sentiment and global economic dynamics affecting investments in cryptocurrencies.

Possible Further Decline

However, if Bitcoin (BTC) fails to break the $82,000 resistance zone, there is a possibility that the price will drop again. Immediate support is near the $77,200 level, with the first major support at $76,500.

The next support is now at the $75,000 zone. Further declines could push the price towards $72,000 support in the short term, with key support at $70,000. Technical indicators such as hourly MACD and RSI (Relative Strength Index) are showing a decline in momentum within the bearish zone.

Conclusion

With the current uncertain market conditions, investors and traders should be wary of the next movement of the Bitcoin (BTC) price. Whether there will be a recovery or further decline, it is important to monitor technical indicators and market news to make informed investment decisions.

Also Read: Drastic 19% Drop in Solana Futures – Here’s Solana’s Technical Outlook in March 2025

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• NewsBTC. Bitcoin Price Cracks $80K. Accessed on March 12, 2025
• Featured Image: Generated by AI