Bitcoin
Major Support and Demand Areas:
As we mentioned in our previous analysis, the buyer demand at $80,691 has prevailed over the selling pressure. Therefore, we can now evaluate the $80,691 - $83,483 band as a strong major support area for BTC.
If BTC can maintain these support levels, the price movement can be expected to continue its upward momentum. However, falling below $80,691 could cause increased selling pressure and a price pullback to the $73,336 region. This level is a critical support point as it has been a demand area that has seen strong buyer interest in the past.
If there is a possible pullback to the low $73,336 level, it should be carefully monitored whether the buyers will react strongly here. Otherwise, the selling pressure could push the price deeper.
Resistance and Uptrend Zones:
BTC's current price surpassing the $87,637 - $88,911 zone and maintaining buyer superiority indicates that this zone can now work as an S/R conversion zone. If we see daily closings above these levels, the price is likely to reach $92,591.
However, the $92,591 level is an area where sellers were previously intense and the price faced strong selling pressure. If this resistance is broken, an upward movement towards the most critical zone for BTC, $96,423 - $97,825, can be expected.
This zone is a decision point where market structure is decisive. If buyers exceed this zone, BTC can be expected to rise to $102,647.
However, staying below the $96,423 level may cause seller pressure to come into play again in the market. In such a scenario, it is possible for BTC to pull back to the support level.
• $80,691 - $83,483: Strong support zone (Buyer interest is expected to continue).
• $87,637 - $88,911: S/R conversion zone (If it stays above, the bullish scenario will be active).
• $92,591: Main resistance point, if exceeded, upward momentum may increase.
• $96,423 - $97,825: Decision zone where sellers are intense (Exceeding this zone may start the new ATH process).
• $102,647: New uptrend target.
• Closing below $80,691: There is a possibility of a pullback to the $73,336 demand zone.
In the coming period, BTC's price movements in the $96,423 - $97,825 region will be critical. If buyer superiority is achieved at these levels, targets above $100,000 may become possible. However, if selling pressure remains strong, a return to support levels may occur.
March 7 – White House Crypto Summit
March 11 – Washington Bitcoin Strategy Meeting
March 19 – FED Meeting , These economic data will play a critical role in determining the direction of the market.
These analyses, which do not provide investment advice, focus on support and resistance levels that are thought to create trading opportunities in the short and medium term according to market conditions. However, the user is entirely responsible for trading and risk management. In addition, it is strongly recommended to use stop loss in relation to shared transactions.
Author: Altar
