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In February, the bears managed to push Bitcoin into a correction, testing support at the monthly short-term trend at 79,773.46, making it a bearish month in history. However, at the start of March, the situation changed despite the weekend. The bulls have actively regained ground and returned to the previous consolidation zone. Continued growth could lead to a new all-time high, with psychological targets at 110,000 – 115,000 – 120,000.
On the daily timeframe, Bitcoin initially exceeded bearish expectations. The bears achieved their target of breaking below the Ichimoku cloud at 85,237.37 and reached two key support levels: the weekly medium-term trend at 81,261 and the monthly short-term trend at 79,773.46. However, at that point, the bulls regained control. A combination of political and fundamental factors aligned with technical conditions, allowing the bulls to initiate a strong rebound from these support levels.
At this moment, Bitcoin is experiencing a solid recovery. The primary objective now is to invalidate the daily Ichimoku death cross at 91,748.70, reinforced by the weekly short-term trend at 94,101. There is potential for consolidation at this stage. The next major resistance will be the daily Ichimoku cloud at 99,497, beyond which Bitcoin would move toward testing its all-time high.
On lower timeframes, the bulls successfully held above the weekly long-term trend at 85,327.96, which triggered a significant rally. Currently, Bitcoin is in the bullish zone relative to the H4 Ichimoku cloud. If this bullish momentum continues, alongside classic intraday resistance levels, a new target will emerge: breaking through the H4 cloud at 104,281 – 107,177.
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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