Bitcoin (BTC) led a mild rebound in the crypto market over the past 24 hours after the latest U.S. Consumer Price Index (CPI) report showed inflation at 2.8%, slightly below the expected 2.9%. The lower-than-expected inflation data sparked optimism among investors, giving Bitcoin a much-needed boost. The flagship cryptocurrency jumped 2%, reaching around $83,282 during the early European session on Thursday, March 13.
With traders watching key support and resistance levels closely, the next few days could be crucial in deciding Bitcoin’s short-term direction.
Here’s a look at what’s driving the market and what might come next.
Bitcoin’s price jump helped reduce fears of further market sell-offs. The Bitcoin Fear and Greed Index climbed from 34 (indicating fear) to 45, signaling a shift toward neutrality.
Meanwhile, on-chain data from Santiment suggests that traders are becoming exhausted after Bitcoin dropped below the key $92,000 support level. So far, each dip has failed to establish a clear bottom, raising the risk of further declines.
Is a Strong Rebound Coming?
From a technical standpoint, Bitcoin may be setting up for a sharp recovery. While the price has been making lower lows on the daily chart, the Relative Strength Index (RSI) has shown a bullish divergence—a sign that a reversal could be ahead.
Crypto analyst Ali Martinez highlights the 50-week Moving Average (MA) as a critical support level. If Bitcoin falls below it, history suggests a possible drop toward the 200-week MA.
For a bullish move, Bitcoin needs to consistently close above the $92,000–$95,000 resistance zone. More than 1.2 million Bitcoin addresses—out of the 54 million on-chain holders—bought 726,000 BTC around this level, suggesting strong demand.
Bitcoin price will eventually follow gold price, which has rebounded towards its all-time high. Furthermore, the ongoing adoption of Bitcoin by nation-states, led by the United States, confirms the fact that BTC is digital gold.
Meanwhile, U.S. spot Bitcoin ETFs ended a two-week losing streak with a net inflow of $13.3 million on Wednesday. While BlackRock’s IBIT saw $47 million in outflows, ARKB offset this with an $82.6 million inflow.
If Bitcoin holds its key support levels and reclaims resistance, it could be on track for a rally toward $109,000.
The charts are setting the stage—Bitcoin’s next move could make or break its short-term trend.
Bitcoin surged 2% after U.S. CPI dropped to 2.8%, easing inflation fears and boosting market confidence.
Yes, Bitcoin is often seen as digital gold, and its price may rise as gold hits new all-time highs.
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