- Bitcoin has factored in a mild price increase of 1.39% in the last 24 hours.
- The cryptocurrency has seen a prolonged hold-up at the $80K level in the past two months.
Members of the Web3 community are turning attention away from the market due to a lack of significant activity. On the other hand, other subsectors are increasingly spiraling with activity. Global adoption is on the rise, as depicted by instances such as Pakistan’s recent pro-crypto stance.
Turning to the crypto market, the largest cryptocurrency, Bitcoin, tested the $81K support over the weekend. In the last 24 hours, BTC has recorded a mild price increase of 1.23%, which has caused it to progress yet again to the $83K resistance.
In the morning hours of March 31, Bitcoin was trading at a low of $81,816. However, as the price fluctuated it rose to current trading levels. At the time of writing, Bitcoin was trading at $83,149 as per CMC data.
Below $80,000, #Bitcoin $BTC faces an air gap! There’s little to no support until $70,000. pic.twitter.com/22HQNTctJ1
— Ali (@ali_charts) March 31, 2025
The lack of action in Bitcoin has raised several questions. The prominent analyst, Ali (@ali_charts) stated that if the digital asset falls below $80K, it has little to no support till $70,000. This has raised speculations about whether previous support testing could lead to bullish turns.
Will Bitcoin’s Further Descent Cause the $90K Rebound?
The present consolidation and prolonged hold-up at the $80K level has caused much frustration in the market. Meanwhile, on the other hand, during the previous consolidation, Bitcoin tested the $78K level after which it rebounded to $90,000.
Additionally, several analysts similar to Ali, have predicted a testing of the $70K level. It has led to members expecting the descent to be followed by the desirable upward movement. Meanwhile, Bitcoin’s technical indicators reconfirm its existing bearish trend.
The Moving Average Convergence Divergence (MACD) signal line is above the MACD line. Further, its RSI value stands at 43.97 as per TradingView data. This indicates an oversold market situation.
Meanwhile, other altcoins such as Toncoin showed modest bullish signs in the last 24 hours as per CMC data.
