Bitcoin Technical Analysis: 31 MAR 2025
Bitcoin active CME gap now almost +3% from the current price. Source: TradingView
General View
Bitcoin continues to struggle beneath its descending trendline, facing rejection near $87,000 and breaking below intra-day support. The market structure remains weak, with the 12-hour timeframe now forming a death cross, signaling potential continuation of the downtrend. This technical development is concerning from a bullish standpoint, as it suggests that short-term rallies may face heavy resistance. At the same time, the active CME gap sits around 3% above the current price, near $84,400. Historically, Bitcoin has shown a tendency to revisit and fill CME gaps before making a decisive move in either direction.
On The Upside
Bitcoin is starting to react positively towards the intra-day support level, indicating an early attempt at recovery. However, the price still faces multiple intra-day resistances, with the first hurdle at $82,100, followed by a stronger barrier at $82,900. A successful reclaim of these levels could open the door for an extended upside, allowing Bitcoin to regain lost ground.
On The Downside,
The intra-day support level of $81,300 has been holding well. Price is starting to react positively to this support level. However, if the support level is breached, it could lead to a more significant drop. The next support levels after $81,300 stands at $80,250 to $79,800 levels.
Price starting to break the intra-day support level. Source: TradingView
