Bitcoin price is still in an upward direction, long -term graphic offers
Bitcoin price decreased to the bear market this year after it decreased by 23 % of the highest point in January.
Bitcoin (BTCIt was traded at 84,555 dollars on the Great Friday, an increase of 13 % of its lowest point this year, giving it an evaluation of more than $ 1.68 trillion. It decreased by 10 % this year, surpassing the NASDAQ 100 index, which decreased by 13 %.
Historical data indicates that bitcoin is still in a bullish direction despite the decline of 23 %. Moreover, the currency has seen more declines in the past. For example, 35 % of its peak decreased in March last year to the lowest point in August, before returning.
Bitcoin has seen a deeper diving before. It decreased from $ 68,980 in November 2021 to its lowest level in 2022, as the Federal Reserve raised interest rates and many prominent encryption companies such as Celsius, Terra and FTX.
Therefore, although constant withdrawal may continue, there are possibilities to bounce, because its basics are still strong. Bitcoin mining difficulty has a record level, which led to a decrease in the number of new coins that are brought online.
In addition, the data indicates that the number of bitcoin currencies in the stock exchanges continued to decrease, indicating that many holders do not sell. There are 2.18 million coins on stock exchanges, a decrease from 2.44 million in September last year.
Another possible bitcoin sign is the last golden increase. Gold rose by more than 25 % this year to reach its highest level ever. According to one encryption analyst, Bitcoin usually follows gold with a delay from 100 to 150 days.
Technical analysis of bitcoin prices
The weekly graph shows that the BTC price is still in an upward direction despite the recent decline. I have found support on the SIA moving average for 50 weeks, as it failed to move without several times since October 2023.
Bitcoin has also remained above the Ichimoku Cloud index, an emerging sign. I also moved over the main point at $ 73,685, which is the upper side of the cup style and the rate that is a common continuity signal.
This cup was 78 % depth. Therefore, measuring the same distance from the upper side of the cup indicates more gains to $ 123,585. This price is about 45 % higher than the current level. The decrease without the main support at $ 73,685 will nullify the upscale expectations.
https://crypto.news/app/uploads/2025/03/crypto-news-US-Bitcoin-reserves-option03.webp
