Bitcoin (BTC) remains under significant selling pressure as it struggles to maintain levels above the strong resistance point of $72,000. According to trader Daan Crypto Trades on X, surpassing this threshold is essential for BTC to potentially reach the $80,000 range again. Despite the ongoing US and Israel-Iran conflict, traders show a reluctance to sell at lower prices, demonstrating BTC's surprising resilience.
CryptoQuant analyst Darkfost noted that March has been characterized by outflows of BTC from crypto exchanges, indicating a phase of accumulation by investors, albeit not strong enough to initiate a new upward trend. Capriole Investments founder Charles Edwards highlighted that BTC is currently perceived as being in a state of deep value, particularly when evaluated against the BTC Yardstick metric.
Currently, BTC is trading within a bullish ascending triangle pattern. To validate this trend, it must consistently trade above the $74,508 resistance. Should this occur, BTC may see an upward trajectory towards $84,000. However, a drop below the support line could trigger a decline towards the $60,000 to $62,500 range.
In related news, Ether (ETH) showed signs of positive momentum after bouncing off the $2,042 level on Monday. For ETH to initiate a significant price rise, it must exceed the $2,400 level. A failure to maintain this momentum could indicate market rejection, leading to potential declines.