Bitcoin Technical Analysis: 17 MAR 2025
Bitcoin’s 12-hourly time frame establishing a descending wedge formation. Source: TradingView
General View
After being in a downtrend since February, Bitcoin is now entering a descending wedge pattern. Recent action shows that the decline is slowing down, with the price stabilizing above the $80,000 level. This is a promising sign for the bulls. The recovery is expected to continue, with CME gaps as the major price target for the session.
On the Upside
Over the weekend, Bitcoin left behind a CME gap around $84,300, which could serve as the session’s primary target. Above this, Bitcoin faces strong resistance at $84,800–$85,000, which aligns with the descending triangle. If bulls are aiming for higher levels, a strong breakout above this level remains entirely important. A show of strength above $85K could push the upside into $86,800 initially, followed by $87,250 next.
On the Downside,
Price is on the verge of recovering the intra-day supports of $83,800 to $83,600. If these levels are flipped back into supports, the bulls will have a headstart on the week. Meanwhile, below these levels, the next phase of intra-day support is positioned at $82,200 and $81,700 levels. These sets of supports are likely to be challenging levels for the sellers. As for them, they need to drag and achieve a closing below $80,000 to push for any further deeper corrections.
Bitcoin’s active CME gaps. Source: TradingView
