Bitcoin holds bullish momentum above $80,000

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Grafa2025/04/02 13:30

By:Liezl Gambe

Bitcoin (CRYPTO:BTC) closed March 2025 with a monthly candle above the critical 38.2% Fibonacci retracement level, maintaining its bullish outlook despite recent market volatility.

Analysts highlight that this level serves as a key support for Bitcoin’s price trajectory, reinforcing its upward momentum.

Crypto analyst Titan of Crypto emphasised the importance of this Fibonacci level, stating that it reflects Bitcoin’s resilience in the face of broader market challenges.

Fellow analyst Master of Crypto added that Bitcoin’s Hash Ribbon Buy Signal has turned bullish, historically one of the most reliable indicators for price growth.

However, caution persists among experts.

Rekt Capital noted that while Bitcoin’s Relative Strength Index (RSI) has shown improvement since dropping below 25, it has yet to result in a full price reversal.

“For price to reverse to the upside, it would need to break its Daily Downtrend,” Rekt Capital explained.

Ali Martinez warned that Bitcoin must stay above $80,000 to avoid significant risks.

He pointed out that if Bitcoin falls below this threshold, there is minimal support until $70,000.

Martinez identified additional critical support levels at $76,180, $58,080, $43,740, and $39,980.

Despite these concerns, some analysts see current conditions as favorable for accumulation.

Merlijn The Trader highlighted Bitcoin’s adherence to a bullish megaphone pattern, suggesting potential for further upward movement.

Corporate adoption remains a positive driver for Bitcoin’s outlook.

MicroStrategy Executive Chairman Michael Saylor recently hinted at another major Bitcoin acquisition.

At the time of reporting, the Bitcoin (BTC) price was $84,343.92.

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.

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