The cryptocurrency market has grown by 1% in the past 24 hours, with most of the top ten cryptos, including Bitcoin, seeing gains. But the real standout is Bitcoin, which has surged 3.5%, pushing its price to $87,178.13. This marks a steady climb of 3.43% since the start of the month.
However, not everything is smooth sailing. While Bitcoin is riding high, analysts are eyeing a potential pullback that could shake things up. Could this rally be running out of steam, or is there still more room to grow?
Here’s what traders need to watch in the coming days.
On March 20, Bitcoin reached $87,452.17 before dropping by nearly 3.03% the same day. The decline continued between March 20 and 22, with prices falling by a total of 3.51%. However, the trend shifted yesterday as Bitcoin rebounded by 2.65%. Right now, the price is about 2.30% higher than it was at the start of March 23.
This recovery suggests that investor confidence in Bitcoin remains strong, but some market watchers are cautious about what’s next.
A well-known crypto analyst, CrypNuevo, recently posted on X that Bitcoin may experience a retracement in the next week or two.
He pointed to key patterns in Bitcoin’s one-week chart, noting that the broader bullish trend is still in place despite recent market fluctuations.
One of the most important technical indicators he highlighted is Bitcoin’s 50-day exponential moving average (EMA), which currently stands at $77,726.95. The market recently retested this level.
CrypNuevo explains that staying above $77K is critical for Bitcoin’s long-term bullish momentum. He describes it as an essential support level for the ongoing bull market.
He also points out a key support trendline in Bitcoin’s one-hour chart but warns that there are many stop-loss orders below it. This increases the risk of a price dip triggering liquidations, which could push prices down further.
Bitcoin remains in a strong bullish trend, but traders should stay alert for short-term volatility.
The $77K level will be crucial in determining whether Bitcoin’s upward trend continues or if a deeper pullback is ahead. Keeping an eye on price movements in the coming weeks will be important for traders navigating the market.
The crypto market never moves in a straight line, and Bitcoin’s next move could be a sharp turn or a steady climb. Either way, volatility is part of the game.
Bitcoin could test $87K again, but analysts warn of a possible retracement if support at $77K fails to hold.
If BTC holds above $77K, the bullish trend remains valid. However, a short-term dip may present better buying opportunities.
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