Currently the price of Bitcoin (BTC) against the US Dollar is $84,323. Bitcoin price has dropped 1.58% in the previous 24 hours to around $84,323. The leading cryptocurrency maintains a steady position following the recent volatility, with a market cap of $1.64 trillion.
The 24-hour volume for BTC has reached $30.2 Billion, as it continues to dominate the cryptocurrency market with a dominance rate of 52.1%.
BTC Price Analysis
BTC is currently trading within the ascending channel. The trend of prices is outlined as a series of higher lows from the beginning of last March, indicating that there was an expected strong momentum in the underlying market even though prices have been very volatile lately.
The market outlook seems to be positive based on the 1 D timeframe’s formation but BTC needs to break above the resistance at $86,903 to confirm the continuation of Price in upwards direction.
Key resistance levels can be seen at $86,903 (R1), $90,177 (R2), $95,060 (R3), and the psychological $100,000 (R4). The important support level of $81,483 (S1) and $77,672 (S2) is found here along with the lower boundary of the ascending channel.
This Chart shows the standard pivot points whose R1 is $86,366 and is the immediate barrier that the bulls have to break to prevent a sideways movement. Breaking this level may boost BTC above the R2 pivot at $90,177, on the other hand a break below the S1 pivot at $81,483 might lead to a further sell-off.
The MACD provides inconclusive signals as the numbers are -58, 330 and 388. It seems like the histogram is showing higher lows as it converges which might signal that price is about to break.The decreasing gap points to the possibility of a bullish crossover development in the coming days.
BTC Price Targets
If BTC successfully breaks and holds above the immediate resistance at $86,903 (R1), the first upside target would be the R2 level at $90,177. Sustained momentum could then propel BTC toward the stronger resistance at $95,060 (R3).
If bullish momentum accelerates, Bitcoin could challenge the psychological resistance at $100,000 (R4) in the extended bullish scenario. The improving MACD histogram supports this potential upward movement.
Should Bitcoin fail to maintain its position within the ascending channel and break below the immediate support at $81,483 (S1) we could see a decline toward the lower support at $77,672 (S2). This breakdown would invalidate the current bullish structure.
Bitcoin futures Market witnesses shift in Whales sentiment
Significant changes are taking place in the derivatives market for Bitcoin, as open interest recently dropped 4.45% to a record $52.81 billion. It’s interesting to note that as short positions steadily rise, the long-to-short ratio has witnessed a small increase toward bearish territory, currently standing at 0.9861.
Not withstanding these adjustments, funding rates have been volatile in recent weeks, occasionally falling but now hovering around a slightly positive 0.0051%, indicating that traders are still prepared to pay premiums to hold long positions.
However, institutional players have not been put off by the futures volatility. On March 20th alone, US spot Bitcoin ETFs saw a remarkable net inflow of $165.75 million. The largest inflow was $172.14 million from BlackRock, followed by $11.90 million from VanEck, $9.19 million from Fidelity, and $5.22 million from Grayscale.
