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Bitcoin (BTC) Price Analysis for March 25

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Sat, 25/03/2023 - 13:32
Bitcoin (BTC) Price Analysis for March 25
Cover image via www.tradingview.com

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The neutral mode on the cryptocurrency market has continued on the weekend, according to CoinMarketCap's ranking.

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Top 10 coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has gone down by 1.78% over the last 24 hours.

BTC/USD chart by TradingView

On the hourly chart, the rate of Bitcoin (BTC) is returning to the recently formed support level at $27,374. If the decline continues and the candle closes near the aforementioned mark, the breakout may lead to a drop to the $27,000 zone soon.

BTC/USD chart by TradingView

On the daily time frame, the price has once again failed to fix above the $28,000 mark, which means that there is a high chance to see a correction before a continued rise. In this case, one can expect a test of the support at $26,707 shortly.

BTC/USD chart by TradingView

From the midterm point of view, the situation is unclear as the price is between the support at $26,845 and the resistance at $28,474.

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In this regard, the more likely scenario is sideways trading so one side could accumulate enough energy for a further sharp move.

Bitcoin is trading at $27,460 at press time.

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