Bitcoin Technical Analysis: 22 MAR 2025
Bitcoin holding $83,800 as of now. TradingView
General View
Price is moving within an ascending channel formation. After a strong run higher, Bitcoin hit resistance levels, triggering a pullback. It is now approaching a key support range, where a reaction can be expected. Whether buyers step in here will determine if the uptrend continues or if further downside unfolds. The price action suggests a consolidation phase, with Bitcoin attempting to gather strength for another push higher. However, key resistance levels remain intact, and a decisive breakout is required to sustain bullish momentum.
On the Upside
Bitcoin has lately been struggling around the EMA-50, which has kept the price from establishing a strong trend. The EMA currently coincides with the intra-day resistance of the $87,000 level. Since early February, the price has been in a downward phase, but a gradual base is now forming. This suggests that Bitcoin may be stabilizing, with buyers attempting to regain control. There is a short-term resistance at $84,800 followed by $85,350.
On the Downside,
The price has been holding at $83,800 for the last several hours. If the price holds this over the next few hours, the price can witness a rebound back higher. On the other hand, if support fails to hold, the price is then expected to slide lower into $82,200, followed by $81,500.
Price in an ascending formation. Source: TradingView
