#BTCDipOrRebound Traders say
Bitcoin faces key resistance at $106,000, though a retest of $85,000 remains possible
Cryptocurrency traders view $106,000 as a critical level for Bitcoin (BTC) to confirm its next bullish leg, with some warning that a drop to $85,000 remains on the table if current support fails.
Pseudonymous trader Pentoshi believes that a pullback to $106,000 would trigger a new round of price discovery, allowing BTC to surpass its all-time high of $109,000 set in January. However, if Bitcoin falls below the $92,000-$94,000 support zone, the next major support lies at $85,000, a level not seen since November 2024.
Is a pullback of Bitcoin to $85,000 or even lower possible?
Bitcoin is currently trading at $96,340, according to CoinMarketCap data, and traders are divided on its next move.
Cryptocurrency analyst AlejandroBTC recently pointed out that Bitcoin's current trajectory "looks like we're heading towards $85,000."
Arthur Hayes, co-founder of BitMEX, has an even more pessimistic outlook and predicts that BTC could drop to $70,000-$75,000, which he believes could trigger a "mini financial crisis."
Meanwhile, trader Mister Crypto said that $90,000 would be his signal to open another major trade, while Donny emphasized that the coming weeks will be crucial to determine Bitcoin's direction.
Bitcoin's performance in March is key to reaching new highs
Historically, March has been a strong month for Bitcoin, with an average performance of 13.42% since 2013, according to CoinGlass data.
AshCrypto predicts a new all-time high for BTC in March, reinforcing expectations of a bullish breakout.
ARK Invest CEO Cathie Wood remains optimistic about Bitcoin's long-term trajectory and raises her odds of BTC reaching $1.5 million by 2030 due to increasing institutional adoption.
Key Bitcoin levels to watch
$106K breakout: could signal the start of a new price discovery phase.
$92K-$94K support zone: a breakout could trigger a new test of $85K.
$85K support: a failure here could lead to deeper corrections towards $70K-$75K.
With traders and analysts divided, Bitcoin's next move depends on whether the bulls can reclaim key resistance levels or if another correction is imminent, according to Cointelegraph.
