Battle of Bitcoin Continues: Dip Below $70,000 or Spike up to $120,000 Awaits?
Bitcoin's Uncertain Future:
Bitcoin has slipped below its range lows, creating a confusing market that needs to determine new support and resistance levels. At the moment, Bitcoin is hovering near its 200-day Exponential Moving Average, testing this critical technical barrier. The cryptocurrency could see a recovery if it holds above its vital moving average, but a drop beneath this threshold could lead to further declines. A recovery to $90,000 is necessary to maintain a bullish outlook, as failure to do so may signal extensive price adjustments.
Bitcoin Plunges to the Red Zone
After a period of consolidation, Bitcoin has plummeted below its previous range lows, placing it in what analysts call "No-Man's Land," where market participants identify new support and resistance levels. At the current moment, Bitcoin is trading at $85,478.26, down by 2.3%. The 24-hour price range extends from $82,455.07 to $88,223.72, indicating limited upward movement over this timeframe. Moreover, the BTC trading pair has seen a slight rise, suggesting a surge of capital inflows from Bitcoin traders.
200-Day EMA Test: The Line in the Sand
The current price behavior has led Bitcoin to its 200-day EMA, a level that historically has been crucial. A break below this barrier often initiates extended bearish patterns, while a successful defense usually triggers renewed bullish momentum. For Bitcoin to regain bullish momentum, it will be essential to reclaim $90,000 as both a psychological and technical resistance level.
Implications and Future Outlook
Over the coming days, Bitcoin's movements will significantly impact market sentiment. If the price stabilizes and reclaims essential resistance levels, it may attract renewed buying interest. However, continued weakness could indicate deeper corrections ahead.
In the next five days, Bitcoin will hit its peak of $97,704 on Mar 04, 2025, marking a 14.74% increase versus the current price. This survey follows a -12.58% price swing over the past week.
Bitcoin BTC BTC 200-Day EMA Crypto market Cryptocurrency
Bull vs Bear cases
The upcoming days will determine whether Bitcoin is on the brink of a bull run or about to face another bear market. According to analysts, two possible scenarios can unfold:
Bull Case
- Institutional Interest: Continued ETF inflows and post-halving supply dynamics could fuel demand, with price targets for 2025 ranging from $120,000 to $225,000.
- Historical Patterns: Historically, Bitcoin’s bull cycles last 12–18 months post-halving, aligning with projections of a late-2025 cycle top.
Bear Case
- Corrective Risks: The lower boundary of an ascending parallel channel and RSI divergence suggest a pullback toward $85,000 if buying pressure weakens.
- Macro Factors: Renewed inflationary pressures or regulatory measures could put a damper on upward momentum, extending the consolidation below $100,000.
Key Levels to Keep an Eye on
| Level | Type | Significance ||-------|------|--------------|| $95,000–$100,000 | Resistance | Pivot zone for May trends || $107,000 | Resistance | Breakout above this level could confirm bullish continuation || $92,000 | Support | Short-term holding level; breach risks drop to $85k || $85,000 | Support | Long-term bull/bear divide; loss here invalidates bullish structure |
The market is poised for a significant shift as Bitcoin tests the critical 200-day EMA. Traders will closely monitor the $92,000–$95,000 range for directional clues in May. The outcome will determine the path Bitcoin takes—whether it is off to the races in a bull run or bracing for a bruising bear market.
- The current plunge of Bitcoin below its previous range lows places it in a sector known as "No-Man's Land," signaling the need for market participants to identify new support and resistance levels.
- The BTC trading pair has seen a slight rise recently, suggesting a surge of capital inflows from Bitcoin traders, but the recovery might be hindered due to Bitcoin hovering near its 200-day Exponential Moving Average.
- To regain bullish momentum, Bitcoin must reclaim $90,000 as both a psychological and technical resistance level, and hold above its vital moving average to avoid further declines.
- The upcoming days will be crucial for Bitcoin as they will determine whether it is on the brink of a bull run or about to face another bear market, with potential price targets ranging from $120,000 to $225,000 in a bullish scenario or a potential correction toward $85,000 in a bearish scenario.
- Traders will closely monitor the $92,000–$95,000 range for directional clues in May, as this pivotal zone will indicate the path Bitcoin takes—whether it is off to the races in a bull run or bracing for a bruising bear market.
