Bitcoin and Strong Selling Pressure! Article Sponsored by CloseOption

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 Bitcoin and Strong Selling Pressure! Article Sponsored by CloseOption
 

 
The key support and resistance level ahead for Bitcoin is as follows:
• Third Key resistance level of Bitcoin: 91000
• Second Key resistance level of Bitcoin: 88700
• First key resistance level of Bitcoin: 85500
• First key support level of Bitcoin: 82200
• Second Key support level of Bitcoin: 80000
• Third Key support level of Bitcoin: 78200
 
Bitcoin and Strong Selling Pressure!
 
As previously analyzed on 2025.02.18, Bitcoin had the potential for a downward move, which eventually materialized in an intense form.

Over the past month, Bitcoin has been in a bearish cycle, with traders recording a low of $78,206. The monthly candle closed bearishly, forming a Bearish Engulfing Pattern on the chart.

The presence of bearish divergence with the Stochastic indicator, along with the formation of the Bearish Engulfing Pattern, strengthens the bearish outlook. Last week, buyers made a significant effort to push the price higher, which is evident in forming a pin bar with a long lower shadow. Still, due to weak market sentiment and an overbought condition, prices reversed downward again.

For a confirmed bullish reversal, the recent correction must be completed (meaning a further potential price drop), and a firm price floor must form on the weekly timeframe.

The price is gradually declining on shorter timeframes, such as daily and 4-hour charts. If the $82,200 support level is broken, Bitcoin could drop further, testing $80,000 and reaching $78,200 – $75,000 in a more severe scenario.
On the bullish side, as long as the $82,200 support level remains intact, high-risk buyers might enter the market, increasing Bitcoin's potential to reach the $85,500 and $88,700 resistance levels.
 

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