- Bitcoin struggles at 200-day MA resistance, risking further downside pressure.
- Key support lies at $79K-$80K, with stronger demand near $68K-$70K.
- RSI nears oversold, but MACD remains bearish, signaling continued weakness.
Bitcoin faces a crucial test as it struggles to break above the 200-day moving average (MA), currently acting as resistance around $83,645. The leading cryptocurrency has been on a downward trajectory following its recent peak, and price action suggests ongoing bearish sentiment. As market participants assess key technical indicators, Bitcoin’s ability to reclaim the 200-day MA will determine its short-term direction.
Resistance at the 200-Day Moving Average
According to analyst The Wolf Of All Streets, Bitcoin’s latest attempt to reclaim the 200-day MA has been met with resistance, signaling possible further downside movement. If Bitcoin fails to close above this level convincingly, selling pressure could intensify.
Market conditions reflect a clear downtrend, with the 50-day moving average trending downward, reinforcing bearish momentum. Additionally, recent price action has formed a pattern of lower highs and lower lows, further confirming the ongoing downward trajectory.
$BTC DAILY
— The Wolf Of All Streets (@scottmelker) March 13, 2025
Bitcoin is struggling with resistance at the 200 MA. pic.twitter.com/lS9fXjowoi
Key Support Levels to Watch
If Bitcoin continues to face rejection at this critical resistance level, investors should monitor key support zones. The price range of $79,000 – $80,000 serves as an initial psychological support level, while stronger support exists between $75,500 and $76,000. If bearish pressure persists, Bitcoin may retest the significant demand zone between $68,000 and $70,000, where buyers could step in to absorb further selling.
Potential Bullish Scenario
Despite the current bearish structure, a bullish scenario remains possible if Bitcoin successfully flips the 200-day MA into support. In such a case, a rally toward the $86,000 – $90,000 range could materialize, fueled by renewed buying interest. A decisive break above the 50-day MA, currently near $89,000, would serve as a strong reversal signal, indicating a potential shift in market sentiment.
Market Volume and Selling Pressure
Market volume trends also offer crucial insights into Bitcoin’s trajectory. The increase in trading volume during recent price drops suggests strong selling pressure. If Bitcoin is to sustain a bullish reversal, buying volume must increase at the 200-day MA. Otherwise, continued rejection could push prices lower.
Technical Indicators: RSI and MACD Analysis
From a technical standpoint, the Relative Strength Index (RSI) stands at 40.73, approaching oversold territory. Although not yet fully oversold, a dip below 30 could indicate a potential bounce.
Additionally, the Moving Average Convergence Divergence (MACD) indicator remains bearish, with the MACD line positioned below the signal line. The increasing negative histogram bars further reinforce downward momentum. A crossover of the MACD and signal line, however, could signal a trend reversal.
Bitcoin’s Current Market Status
Bitcoin currently trades at $82,516.16, reflecting a 1.38% decline over the past 24 hours and a 9.31% decline over the past week. With a market capitalization of $1.63 trillion and a circulating supply of 20 million BTC, Bitcoin remains the dominant player in the cryptocurrency space.
