BTC/USD (1D) Technical Analysis – March 10, 2025
Market Structure & Price Action:
Bitcoin was previously in an ascending channel, making higher highs and higher lows.
The price has broken below the channel, signaling a potential trend shift or deep pullback.
BTC is currently testing the $79,966 level, with the next major support at $73,074.
Volume Analysis:
Volume has increased during the recent sell-off, indicating strong selling pressure.
If buyers do not step in soon, BTC could continue dropping toward $73,000 or even lower.
RSI Indicator:
RSI is at 33.69, close to the oversold zone.
A bounce could be expected soon, but RSI has room to drop further before a strong reversal.
Key Levels to Watch:
Resistance: $90,000 (previous support in the channel)
Support: $73,074 (major level), followed by $55,247 if the drop extends further.
Potential Trading Scenarios:
Bullish Case: If BTC finds support at $73,000 and RSI confirms a bullish divergence, a recovery back into the channel is possible.
Bearish Case: If BTC breaks below $73,000, it could accelerate downward toward $55,000 as the next major demand zone.
Market Structure & Price Action:
Bitcoin was previously in an ascending channel, making higher highs and higher lows.
The price has broken below the channel, signaling a potential trend shift or deep pullback.
BTC is currently testing the $79,966 level, with the next major support at $73,074.
Volume Analysis:
Volume has increased during the recent sell-off, indicating strong selling pressure.
If buyers do not step in soon, BTC could continue dropping toward $73,000 or even lower.
RSI Indicator:
RSI is at 33.69, close to the oversold zone.
A bounce could be expected soon, but RSI has room to drop further before a strong reversal.
Key Levels to Watch:
Resistance: $90,000 (previous support in the channel)
Support: $73,074 (major level), followed by $55,247 if the drop extends further.
Potential Trading Scenarios:
Bullish Case: If BTC finds support at $73,000 and RSI confirms a bullish divergence, a recovery back into the channel is possible.
Bearish Case: If BTC breaks below $73,000, it could accelerate downward toward $55,000 as the next major demand zone.
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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.
Related publications
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.