Bitcoin broke below $80k with a 24-hour low at $76,600. The short-term recovery reclaims $80k, but will the growing fear lead to a crash under $70k?
Bitcoin has witnessed a 24-hour pullback of 2.76%. The trading range of the past 24 hours in BTC extends from a low of $76,600 to a 24-hour high at $83,955. This highlights massive volatility in the BTC price trend over the past 24 hours.
Currently, the intraday recovery in BTC keeps its price at $80,196. With Bitcoin marking five consecutive bearish candles in the daily chart, is it likely to hit the sub-$70K levels? Let’s find out.
Santiment Suggests Quick Bounce Back in Bitcoin
However, a post by Santiment revealed that the crowd fearing a chance of a pullback below $70,000 has historically seen quick bullish bouncebacks. On February 27, the high mentions of $69K BTC price or below saw a quick bounce back.
Similarly, this pattern was repeated on March 4 and March 9. On March 10, the rise of the social volume of Bitcoin crossing below $70k signals a high possibility of a temporary bounce.
Analyst Thinks It’s Just A Retest, Targets $300k
With strong optimism, technical analyst Gert van Lagen suggests that Bitcoin is simply undergoing a retest before a potential rebound. According to van Lagen, Bitcoin is currently retesting the broken neckline of an inverted head-and-shoulder pattern that has developed over a four-year period. This pattern targets a price of $300,000.
Supporting his technical analysis, the analyst notes that Bitcoin’s price trend is following a parabolic, step-like formation, which reinforces the potential for continued upward movement.
Bullish retest of 4-year inverse H&S neck line, targeting ~$300k.
Lines up with Step-Like Formation Parabola target.
Lines up with 15-year macro channel target.Invalidation: a weekly candle close below $72.9k. pic.twitter.com/JMESE6JBzH
— Gert van Lagen (@GertvanLagen) March 10, 2025
BTC Price Down at Crucial Support Trendline
Crypto analyst Ali Martinez highlights an important support trendline in Bitcoin’s 3-day price chart. Bitcoin is currently testing this crucial trendline, having pulled back by nearly 8% over the past three days.
However, Martinez also points out the possibility of a volatile market with increased uncertainty in the third year of a bull market. In this bull market, the first year underperformed, while the second year outperformed expectations. The third year, however, has followed a similar pattern to an average bull market, characterized by high volatility and potential shakeouts.
Bitcoin Price Analysis Reveals Double-Edged Action
Per our last Bitcoin price analysis, the breakdown of a triangle pattern on the daily chart has resulted in a sharp correction. With a 24-hour low of $76,600, Bitcoin is approaching the 50% Fibonacci retracement level.
While the intraday recovery suggests a possible rebound, increased selling pressure near the 61.8% Fibonacci level at $81,855 could cause another bullish failure. Bitcoin’s price, fluctuating near the $80,000 mark, still shows a strong bullish divergence in the daily RSI line.
This indicates the possibility of a bounce in Bitcoin’s price. Based on Fibonacci levels, a daily close above the 61.8% level or below the 50% level will serve as critical price triggers.
On a bullish note, a breakout could push the price to $91,780. However, a breakdown could test the $69,699 support level.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
