Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Analysis: Bitcoin Shows Signs of Seller Exhaustion at 200-Day Moving Average Support, May Return to $95,000

Analysis: Bitcoin Shows Signs of Seller Exhaustion at 200-Day Moving Average Support, May Return to $95,000

ChaincatcherChaincatcher2025/03/05 10:53
Show original

According to ChainCatcher, as reported by CoinDesk, Bitcoin's technical chart shows signs of seller exhaustion at the 200-day simple moving average (SMA) support level, suggesting a potential price rebound.

Since last Wednesday, Bitcoin's price decline has stalled at the 200-day moving average support level. The daily candlestick charts on Tuesday and Friday are particularly noteworthy, both showing small bodies with long lower shadows, indicating that the bears failed to hold below the 200-day moving average.

Technical analysts point out that this candlestick pattern, appearing after a clear downtrend, usually signals a potential bullish reversal. Traders generally see this as evidence of weakening selling pressure, which could translate into a new upward phase. Based on this, Bitcoin might rebound to the high of approximately $95,000 on Sunday, and if it breaks through that level, traders might once again target the $100,000 mark.

On the other hand, if it breaks below the 200-day moving average support level, Bitcoin could face a deeper decline.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!