Bitcoin Technical Analysis: 16 MAR 2025
Bitcoin’s price activity for 16th March 2025. Source: TradingView
General View
Bitcoin is starting to stabilize around a thin range, primarily due to the weekend’s slower activity. Lately, the price has rebounded from the key support range, preventing a deeper pullback and positioning the price back into a recovery phase. This strength needs to be sustained for the bulls to have a strong week ahead. If buyers can maintain the momentum and hold onto the support levels, a continuation higher towards the resistance areas remains likely.
On the Upside
Bitcoin marks yet another session with failure to surpass $84,200 to $84,500 intra-day resistances. This was mentioned as an important level to break to stretch the upside further into $86,680. These ongoing failures need to be negated otherwise, a short-term drop in the prices can’t be ruled out. As of now, the CME gap closed at $84,840, which remains an area of interest.
On the Downside,
Bitcoin is finding sustainable intra-day support between $83,800 and $83,600. These levels make it difficult for sellers to gain an edge for the day. Holding these levels will keep bulls on the leading front for the day. Meanwhile, persistent failure to break above $84,500 could lead to a short-term retest of lower supports at $82,200 and $81,700.
Bitcoin’s short-term trend is in a rising wedge pattern. Source: TradingView
