Bitcoin (BTC) Price Situation

After breaking the support of $90,000, bitcoin faced selling pressure, amplifying its bearish move by nearly 14% and bringing its price down to $78,200. Therefore, the bearish hypothesis presented in the February 25 analysis has come to fruition.

Fortunately, the announcement by Donald Trump regarding cryptocurrency reserves allowed bitcoin to bounce back to this level. Following this news, BTC surged by over 23%, quickly reaching $96,700, a level corresponding to a value area, located just below the annual VWAP as well as the 200-day moving average.

Unfortunately, this drop was absorbed at the beginning of the week. Indeed, although this rise rekindled hope for a market recovery, bitcoin’s price faced new bearish pressure, impacting its price downward once again.

At the time of writing, bitcoin is trading around $83,700. It seems to be holding in a subtle support zone at the level of the 200-day moving average. Its upward orientation indicates a long-term bullish trend. However, the short and medium-term trend has clearly turned bearish again, as evidenced by Dow’s theory as well as the 50-day and 20-day moving averages, which are tilted downward.

The bullish momentum of bitcoin has slightly rebounded but remains overall revised downward. This is reflected both in its price and in its oscillators, which have reached new lows.