BTC March 12: Recovery but Not a Sign of Reversal
Continuing from yesterday's assessment "Weak Recovery Before Continuing to Drop?" BTC is experiencing a slight recovery after hitting a short-term bottom around 77,000 - 78,000, however, selling pressure is still predominant. The price range of 84,000 - 87,000 continues to serve as an important resistance, coinciding with the downtrend line. If it cannot break through this area, the possibility of BTC reversing back down to a target of 73,000 is high.
Notable signs:
👉Trading volume is not spiking, indicating that buying power is not really strong.
👉The resistance area has not been broken, BTC buyers are being rejected at resistance zones through the range around 82,000.
👉The overall trend still leans towards a decline; without sufficient upward momentum, the downward scenario remains highly probable.
If BTC reaches the 84,000 - 87,000 range but does not surpass it, this could be an opportunity to continue following the downward trend. Conversely, if the price breaks above 87,000 and maintains that level for a considerable time, then the reversal signal will begin to become clearer.