Bitcoin continues to stay as the leading cryptocurrency when it comes to market capitalization. BTC is redefining the market and will continue to influence the broader digital asset market as institutional and retail investors analyze both macroeconomic indicators and technical indicators.
Fresh interest is being shown towards BTC’s recent position as it is resting near a key support level. Bitcoin experienced a rapid decline throughout February and has stabilized today over the $69,000 level, creating a technical foundation to support a potential recovery in March. At press time, the coin is trading at $66,967.39, with an increase of 1.05% over the past 24 hours.
BTC Consolidating on the Daily Chart
On the daily trading chart from TradingView, you can see that BTC is currently consolidating over horizontal support of around $69,500. This price level has been defended following solid selling volume coming into the market previously this month.
Many bearish traders are now feeling like they capitulated based on the volume that came in on the way down this month; however, recent daily candles are showing exhaustion with the price dropping.
The fact that BTC has not moved above its 200-day moving average near $82,000 indicates that it can move higher from here. If BTC can break above the $72,000-level, then short-term momentum bias would likely remain upwardly biased and direct BTC towards $76,000.
Also Read: Bitcoin (BTC) in “Sachs”: 1 Stunning Wall Street Shift
Trader’s Optimism for an Upward Breakout
Crypto analyst Ali charts on x, indicating that the price of BTC is putting in a series of lower lows at the $69,000 level are showing signs of accumulation rather than continued distribution.
Most traders are eagerly waiting to see how other technical indicators will shape the price of BTC in March, with many believing that March could be a pivot month if BTC continues to maintain higher lows throughout its daily time frame.
In conclusion, the long term on Bitcoin is bullish, but as long as it holds the $69,000 level, there is a strong chance of seeing a rebound to the March target of $72,000 – $76,000. If it drops under $65,000, then there is no chance of the market being bullish.
Also Read: Bitcoin Worth $21M Returned After Hacker Surrenders in South Korea
