Bitcoin Technical Analysis: 29 MAR 2025
Bitcoin heading lower towards support levels. Source: TradingView
General View
Bitcoin has been facing continued selling pressure after multiple rejections from the descending trendline resistance. The recent uptrend failed to hold, leading to a breakdown below the short-term rising structure. Now, Bitcoin is testing a key intra-day support zone. Notably, the active CME gap at $83,950 has now been filled, which could factor into price reactions around the ongoing levels. Bulls need to defend this zone to prevent further downside movement.
On The Upside
Bitcoin remains under pressure, lacking a strong short-term base for bulls to build momentum. Any recovery attempts in the near term are likely to struggle against key resistance levels. The first hurdle lies at $85,100, with a more significant barrier at the $86,500-$87,000 zone. A decisive break above these levels is needed for bulls to regain control, but without strong demand, upside moves may remain short-lived.
On The Downside,
Bitcoin is currently positioned within an important intra-day range between $83,700 and $83,400. This level needs to hold otherwise, the decline could extend further toward $82,000, followed by $81,300. These intra-day support levels will be crucial for the session and are expected to hold over the weekend.
Bitcoin’s CME gap has now been filled. Source: TradingView
