Bitcoin Price Forecast: March 17 Overview
Bitcoin (BTC) has shown a loss of bullish momentum, trading at $83,000. Recent activity indicates a bounce off local support, with likely sideways trading between $82,000 and $84,000 if conditions persist. The market may see potential upward movement if the weekly bar closes above $78,200.
As of the beginning of the week, Bitcoin (BTC) is experiencing a loss of bullish momentum, according to insights from CoinMarketCap. There has been no significant price movement since the previous day, with BTC’s current trading value remaining at $83,000.
Recently, Bitcoin’s price has bounced off a local support level of $82,790. Should the daily bar conclude away from that price point, traders may anticipate a test of the next resistance level within the day.
Observing larger time frames, Bitcoin’s price remains distant from both support and resistance levels. The declining trading volume indicates a lack of initiative from either side, reinforcing a potentially stagnant market behavior.
If market conditions do not improve, continued sideways trading within the $82,000 to $84,000 range seems probable. From a midterm perspective, it is premature to draw long-term conclusions. If the weekly bar closes significantly above the support level of $78,200, this could lead to a possible price bounce towards the $86,000 to $88,000 range.
In summary, Bitcoin is currently in a precarious position, experiencing weak bullish support and static pricing. With potential sideways trading between $82,000 and $84,000, market dynamics will need to shift for any significant movement. Future trends will depend on where the weekly price closes in relation to established support and resistance levels.
Original Source: www.tradingview.com
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