So, Bitcoin is having a bit of a meltdown, bless its digital heart. It’s like that friend who keeps saying they’re fine while clearly struggling to get out of bed. If the selling pressure keeps up, we might just see it aim for the $80K support level—because who doesn’t love a good downward spiral? 🙃
Technical Analysis
By Shayan
The Daily Chart
Our dear BTC had a moment of glory, briefly flirting with the 200-day moving average at $85K, only to be rejected like a bad date. This little dance suggests we might be looking at a classic bull trap—cue the dramatic music! 🎶
Right now, it seems like Bitcoin is on a corrective path, and if the sellers get their act together, we could be heading straight for that $80K support level. But wait! If some unexpected buyers show up, we might just see a breakout that sends Bitcoin soaring to new heights. Or, you know, just more confusion. 🤷♀️
The 4-Hour Chart
On the shorter time frame, Bitcoin is still stuck in a downward spiral, like a soap opera character who just can’t catch a break. It’s all lower highs and lower lows, reinforcing that oh-so-bearish market structure. BTC tried to make a comeback, but alas, it hit the upper boundary at $88K and was met with a firm “nope.”
This rejection has reignited the bearish flames, making it more likely that we’ll see some good old-fashioned consolidation. For now, that $80K support is looking like the main target, just waiting to be hit like a piñata at a party. 🎉
On-chain Analysis
By Shayan
Futures market sentiment is like that friend who always knows what’s going on—except this time, it’s telling us that sellers are taking the lead. Funding rates are dropping faster than my motivation on a Monday morning, signaling a shift in market dominance.
Now, before you panic and throw your crypto out the window, remember the summer of 2024? Bitcoin went through a long, dramatic correction before making a fabulous comeback. So, maybe we’re just in a deep consolidation phase, waiting for the right moment to rise again. Or maybe it’s just taking a really long nap. 😴
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2025-03-28 20:54