Bitcoin Technical Analysis: 28 MAR 2025
Price has almost filled the CME Gap. Source: TradingView
General View
Bitcoin saw a strong rally recently, but the bulls once again faced rejection at the descending trendline resistance. The price attempted to push higher but formed a rising wedge, a bearish structure, which eventually led to a breakdown. This, combined with the CME gap acting as a magnet, contributed to the ongoing retracement. After yesterday’s dip, momentum has slowed, and Bitcoin is now testing key intra-day support zones. If bulls fail to reclaim lost ground, further downside pressure could emerge.
On The Upside
For a recovery, Bitcoin needs to reclaim the intra-day resistance zone around $87K-$88K, where previous rejections have occurred. A successful breakout above this region could open the door for another attempt at the descending trendline. However, that won’t be an easy task at the moment due to the emergence of multiple short-term intra-day resistances. The primary intra-day levels are at $85,290 and $85,950. Meanwhile, above these, the next resistance zone starts at $86,400 and extends to $86,750.
On The Downside,
Price is currently looking to fill the CME inefficiency up to the $83,950 level. Furthermore, from $84,000 to $82,000, there is a strong support band. Bulls need to hold this region; otherwise, the sell-off could accelerate and drag prices further down before any rounds of recovery.
Rising wedge pattern breaks down, signaling a round of selling. Source: TradingView
