Bitcoin is trading within a Descending Broadening Wedge on the 6-hour timeframe, a pattern that typically signals increasing volatility before a potential breakout. The price is fluctuating between two diverging trendlines, with several critical buy levels forming along the structure.
Bitcoin remains within a widening consolidation phase, with increasing volume showing heightened market activity. As long as the price respects the wedge boundaries, these key levels present potential opportunities for positioning ahead of a breakout.
- Descending Broadening Wedge Resistance Breakout at 94,543
The upper boundary of the wedge, around 93,000 to 94,500, serves as dynamic resistance. If Bitcoin pushes through this level, it could trigger a breakout toward the first target at 108,000 and possibly extend to 124,407. Volume has been increasing near resistance, indicating strong market participation. - Ascending Trendline Rebound at 84,536
This level aligns with an ascending support trendline inside the wedge. Bitcoin has previously bounced from similar trend structures, making this an important zone to watch for a potential reaction. - Double Bottom Possibility at 79,006
The 79,000 level has acted as support in previous price movements, creating a possible double bottom scenario. If the price stabilizes here, it could be an early sign of trend reversal within the wedge. - Descending Broadening Wedge Support at 75,092
The lower boundary of the pattern, around 75,000, remains a major support level. This is where previous downward movements have found buying interest, making it a crucial point for potential price reversals. - Stop Loss at 69,000 to 68,000
A drop below this range would indicate that the wedge structure has failed, opening the possibility for further downside movement.
Bitcoin remains within a widening consolidation phase, with increasing volume showing heightened market activity. As long as the price respects the wedge boundaries, these key levels present potential opportunities for positioning ahead of a breakout.
Note
Bitcoin is currently under pressure after President Donald Trump's announcement of the Strategic Bitcoin Reserve on March 6, 2025, failed to meet market expectations. Investors had initially hoped that the U.S. government would make large Bitcoin purchases to support the market. However, David Sacks, the Crypto Czar in the Trump administration, confirmed that the reserve would only be funded by Bitcoin seized in legal cases, with no new purchases. This decision disappointed investors, as it meant there would be no fresh capital inflows to sustain Bitcoin's price.The market reacted negatively to the announcement. Bitcoin dropped 8.7%, from 92,790 to 84,700, while major altcoins like XRP, DOGE, and ADA also declined by around 9%. Additionally, Bitcoin ETFs saw outflows of $3.87 billion over the past two weeks, reflecting growing investor concerns about U.S. regulations. Many investors have started reducing their exposure to crypto assets due to policy uncertainty.
The last hope for investors now lies in the White House Crypto Summit, scheduled for the evening of March 7, 2025 (Indonesia time). The event will be attended by David Sacks, along with representatives from the SEC, CFTC, and the U.S. Treasury Department, who will discuss the future of crypto policy. However, expectations for the summit have already diminished, as there has been no indication of concrete policies that could lift the market.
Nevertheless, speculation remains that Trump could announce new policies that shift market sentiment, such as tax incentives for the crypto industry or a future government Bitcoin purchase plan. If the summit delivers a positive surprise, it could act as a catalyst for Bitcoin’s price rally and a breakout from the current technical pattern. Conversely, if no significant policies are introduced, selling pressure could continue, increasing the risk of further price declines.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.