Bitcoin news

Bitcoin Faces Challenge at $84,000 – Will Bulls Regain Control?

Bitcoin is trading at $84,222 as of March 15, 2025, with a market cap of $1.67 trillion and a 24-hour trading volume of $25.99 billion. On the day, the price range is between $82,705 and $85,139, indicating a potential consolidation amid mixed technical signals.

Short-term Price Movement: Corrective Pressure Continues

On the 1-hour timeframe, Bitcoin is holding back after hitting a high of $85,294, indicating that a short-term pullback may be underway. The immediate support is seen around $83,500, while strong resistance is forming at $85,000. The appearance of small red candles along with decreasing buying volume suggests that the market sentiment is waiting for a more reasonable entry point.

If Bitcoin breaks below $82,500, a deeper decline towards $80,000 is likely. Conversely, if the price holds above $83,500, Bitcoin could continue to test the $85,000 resistance, with a higher chance of a breakout.

On the 4-hour chart, the outlook is somewhat more positive as Bitcoin has recovered from the local bottom of $76,600 and hit a high of $85,294. However, to maintain the bullish momentum, Bitcoin needs to hold the important support at $80,000. If Bitcoin fails to surpass $85,000 in the coming trading sessions, the risk of a correction to the $82,000 – $83,000 zone increases.

Long-term Outlook: Bitcoin in Consolidation Phase

The daily chart shows that Bitcoin is in a consolidation phase after a sharp drop from a high of $100,185 to a low of $76,600. The next major resistance level lies at $90,000, while strong support remains at $76,600.

Data from technical indicators show that the market is in a neutral state:

- RSI: 44 (neither overbought nor oversold)

- Stochastic: 35 (no strong signal yet)

- CCI: -36 (lack of clear bullish momentum)

- MACD (12,26): -3.104 (weak buy signal)

- Momentum (10): -6.483 (bearish trend signal)

The short-term moving averages are supporting the uptrend, but the long-term indicators such as the 50-day, 100-day and 200-day SMA still show the possibility of a correction.

Fibonacci analysis shows that the main resistance level is at $85,609 (38.2% retracement), followed by $88,392 (50%) and $91,176 (61.8%). On the flip side, if Bitcoin falls below $82,000, it could retest the $76,600 support before making a stronger move.

Market Forecast: Will Bulls or Bears Prevail?

Bullish Outlook
Bitcoin could sustain its bullish momentum if it holds support above $82,000 – $83,000. A break above $85,609 could see the price head towards $88,392 and further to $90,000. A close above $90,000 would confirm the uptrend, opening the door to higher levels like $95,138.

Bearish Outlook
Weakening momentum and trading volume could expose Bitcoin to stronger selling pressure. If it fails to hold above $82,000, a drop to $80,000 is very possible. If selling pressure continues to increase, the $76,600 support zone will be the deciding point for Bitcoin's long-term trend.

Overall, Bitcoin is still in an accumulation phase with mixed signals. A break above $85,609 or a drop below $80,000 will be the deciding factor for the next trend of the market.