Bitcoin Technical Analysis: 23 MAR 2025
Bitcoin’s ongoing ascending trend. Source: TradingView
General View
Bitcoin has steadily recovered after bouncing off the support zone near $80,000. The price has broken out of a descending wedge, signaling potential bullish momentum. It has now started to bounce higher after reclaiming support near $83,000, confirming its position within an ascending channel. As long as bulls maintain control above the channel’s support, the uptrend remains intact.
On The Upside
Bitcoin is currently facing resistance at $84,800, with a more significant barrier at $87,000. A clean breakout above $86,550 would validate further upside, potentially driving prices toward $88,250, where the next major intra-day resistance is located. If bullish momentum remains strong, the upper boundary of the ascending channel could act as a magnet, guiding Bitcoin toward $92,000.
On The Downside,
Failure to break above $84,800 could lead to a retracement toward the ascending support zone near $83,180. A deeper correction below this level might expose Bitcoin to the $80,000 support region, a crucial area where buyers have previously stepped in. Losing this level could invalidate the bullish structure, shifting momentum in favor of sellers.
Bitcoin bulls currently holding the retest. Source: TradingView
