Since the start of this year, the Bitcoin market has experienced a decline of 10.64%. Although, at one point in January, the market touched a new all-time high of $109,586.27, the monthly returns of the month was just 9.54%. In February, the returns declined sharply to -17.5%, probably due to economic uncertainty created by Trump’s aggressive tariff plan. In March, the BTC market scenario slightly improved, as its monthly returns grew to -2.19.
Since the beginning of this month, the market has surged by 1.30%. Interestingly, yesterday, the market made a strong attempt to break above two key technical levels, a downward sloping resistance and a 200-day Exponential Moving Average. Experts suggest that If Bitcoin closes above both these key levels, it could trigger a strong bullish rally, marking an end to the current bearish trend.
Bitcoin Retests Critical Levels: What’s Happening?
Yesterday, at one point, the Bitcoin market reached as high as $88,513.25. However, at the time of closing, the price plummeted to $82,530.38, creating a long bearish candlestick.
The 200-day EMA indicator in the daily chart of Bitcoin sits at $85,417.58 – just 2.23% above the spot price.
The downward sloping resistance has almost touched the 200-day EMA level in the BTC daily chart.
This implies that if the market raises around 2.23%, it could break above these two crucial levels.
Today, the market has so far grown by around 1.36%.
Potential Scenarios: Breakout or Rejection?
Experts predict that if Bitcoin closes above both these key levels, it could trigger a bullish rally in the market.
Meanwhile, they also warn that if BTC fails to break through the two important levels, the current bearish trend may continue in the market.
What Traders Should Watch Next
Experts opine that as economic certainty is fading, investors, who left Bitcoin for safer options like gold due to fear, may return to the market.
If the market breaks above both the key levels with the support of volume, it would confirm the return of bullish pressure in the market.
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