Looking at the Bitcoin technical chart, the February and March highs are key breakout levels. Bitcoin has already broken the March high, but the February high, near the $79,000 upper trendline, remains a crucial level to retake. The 50-day moving average is around $76,900, while the 100-day moving average is around $76,887. These two moving averages are almost intersecting, making a bullish moving average crossover a key focus. Confirmation of a golden cross between the 50/100-day moving averages would support the rebound structure. However, Bitcoin still needs to break the February high to confirm stronger upward momentum.
The 200-day moving average is relatively high, near $81,645. If Bitcoin returns to the February high and maintains its upward momentum, the 200-day moving average will be the next major test. Bitcoin still faces pressure in the short term, with $78,600 being a key level that bulls need to retake.
Bitcoin prices rebounded near the 78.6% Fibonacci retracement level around $76,549 and the 88.7% Fibonacci retracement level around $75,777. However, the rebound remains below the major resistance level of $78,601. As long as Bitcoin prices remain below current levels, downward pressure remains strong. This means that this rebound has not yet confirmed a stronger reversal trend. The next major support level is at $74,917. If Bitcoin breaks below this level, deeper support areas are between $73,357, $71,284, and $68,433.
On the positive side, Bitcoin first needs to break above $78,600. After that, the next resistance area is around $82,750, which is also the previous local high area.
The 200-day moving average is relatively high, near $81,645. If Bitcoin returns to the February high and maintains its upward momentum, the 200-day moving average will be the next major test. Bitcoin still faces pressure in the short term, with $78,600 being a key level that bulls need to retake.
Bitcoin prices rebounded near the 78.6% Fibonacci retracement level around $76,549 and the 88.7% Fibonacci retracement level around $75,777. However, the rebound remains below the major resistance level of $78,601. As long as Bitcoin prices remain below current levels, downward pressure remains strong. This means that this rebound has not yet confirmed a stronger reversal trend. The next major support level is at $74,917. If Bitcoin breaks below this level, deeper support areas are between $73,357, $71,284, and $68,433.
On the positive side, Bitcoin first needs to break above $78,600. After that, the next resistance area is around $82,750, which is also the previous local high area.
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