Bitcoin (BTC) held up above a vital support zone around $60,000 after a minor bounce in the cryptocurrency. Although this can be seen as a sign of buyers trying to support the market, the overall trend remains weak. Bitcoin is still trading lower against key resistance levels.
BTC is also trading below the 100-day and 200-day moving averages on the daily chart. This further added to the downward bias and did not show any signs of reversal. The price also stayed within a descending channel that has limited every recovery attempt so far.
The price range of $60,000 to $61,000 is the major support level. It had shown some reaction in February and continued to hold prices from falling. On the upside, the next major resistance level for BTC was between $75,000 and $80,000, a range that has capped momentum for weeks.
Source: TradingView
BTC Tests Crucial Break Zones
CryptoWZRD, a prominent analyst, highlighted that BTC closed bullish in the latest day’s trading session. The analyst stated that if the price is able to move past $71,900, it will signal a long opportunity. However, if it is rejected from this area, it will offer a short setup. The analyst identified $67,850 as key intraday support.
Source: X
Crypto Candy, the analyst, mentioned that BTC price movement followed the expected path, with the pullback from the $66,000–$65,000 zone matching earlier projections. The reaction in this range aligned with the broader technical outlook seen in recent sessions.
Also Read: Bitcoin Funding Rate Drops to 3-Year Low as Shorts Dominate Futures Market
However, the analyst stated that BTC could revisit $61,000 or lower if the price remains below the $74,000 level. The inability to reclaim that threshold would keep downside pressure intact.
Source: X
Institutional Momentum Builds for BTC
Institutional demand continued to exhibit strength despite the uncertainty in the market. SoSoValue data shows that $568.45 million in spot Bitcoin exchange-traded fund inflows occurred last week. This came after $787.31 million in positive inflows the previous week. The consistent inflows indicated a continued interest from larger market participants.
Source: SoSoValue
Volume and Open Interest Rise
According to CoinGlass data, future volume rose 18.23% to $76.65 billion, and open interest increased by 5.04% to $46.10 billion. The BTC OI-weighted funding rate stands at 0.0014%, showing balance in the market.
Source: CoinGlass
BTC continued to hold its support zone, yet the broader trend showed no confirmed shift. Buyers remained active, but key resistance levels kept momentum restricted. The market awaited stronger signals before defining a clear direction.
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