Bitcoin Shows Signs of Bullish Reversal Amid Uncertainties

A closer look at the latest developments and technical analysis surrounding Bitcoin’s price action.

Bitcoin Flashes Bullish Divergence: Are We Headed for a Trend Reversal?

Bitcoin (BTC) is showing early signs of a bullish reversal with an inverse head-and-shoulders pattern emerging on the daily chart, typically a strong signal of upside potential. However, veteran chartist Peter Brandt warns about the reliability of the pattern due to a downward-sloping neckline, which could suggest weakened buying pressure and a higher likelihood of false breakouts. Overall, momentum remains fragile amid macro uncertainty and mixed technical signals.

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Bitcoin (BTC) Price Prediction for March 30

Bitcoin price faced strong bearish momentum due to increasing selling pressure and is consolidating around $83K. Over the past 24 hours, Bitcoin’s trading volume dropped by more than 43.39%, totaling $17.2 billion. In a broader perspective, Bitcoin fell below $100,000 on January 7 and has shown a downward trend, reaching lows of approximately $89,397 on January 13 and near $91K on Feb 3. Recently, the price has faced increased volatility toward $80K. Over the last 24 hours, its total market capitalization dropped by 0.7%, settling at $1.64 trillion. Bitcoin nears its worst Q1 since 2018, pressured by mounting investor anxiety amid escalating global trade tensions.

Bitcoin (BTC) Whales Reach 3-Month High Amid Market Uncertainty

The number of Bitcoin whales—wallets holding at least 1,000 BTC—has reached a 3-month high. On March 22, there were 1,980 such addresses, which has since climbed to 1,991. While an increase of 11 might seem modest, it represents a meaningful uptick in large-scale accumulation. Technical indicators like the Ichimoku Cloud and EMA lines suggest a bearish trend, but a potential reversal is possible. Tracking Bitcoin whales is critical as they can influence price movements due to the size of their positions.

Bitcoin Support Thins Below $78,000

Bitcoin’s price action in the past 48 hours has approached the $80,000 price level again, with risks of breaking to the downside. On-chain data shows a support level between $80,920 and $78,000 that must not be broken. Glassnode analytics indicate thinning support at the $78,000 level, with minimal cost basis clusters existing there. A sharp move saw traders scoop up nearly 15,000 Bitcoin at the March 10 low before cashing out at the $87,000 local top. Support clusters rise between $80,000 and $84,000.