According to CoinDesk, the Bitcoin technical chart is showing signs of seller exhaustion at the 200-day simple moving average (SMA) support, suggesting that the price may rebound. Since last Wednesday, the bitcoin price decline has stalled at the 200-day moving average support, with the daily candlestick chart on Tuesday and Friday particularly noticeable, both of which showed a small entity lengthening lower shadow pattern, indicating that the bears failed to gain a foothold below the 200-day moving average.
Technical analysts point out that this candlestick pattern follows a clear downtrend and usually signals a potential bullish reversal. Traders widely see this as evidence of weaker selling pressure that could translate into a new upswing. Based on this, Bitcoin could rebound to a high of about $95,000 on Sunday, and if it breaks through this level, traders could once again target the $100,000 mark.
On the other hand, if Bitcoin breaks below the 200-day moving average support level, it could face a deeper decline.
Analysis: Bitcoin shows signs of seller exhaustion at the 200-day moving average support level, or returns to $95,000
2025-03-05 10:32:48
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