Bitcoin Monthly Close Keeps Bullish Momentum Alive, But A Drop Below $80,000 Could Be Devastating
According to a recent X post by noted crypto analyst Titan of Crypto, Bitcoin (BTC) closed its March 2025 monthly candle just above the 38.2% Fibonacci retracement level, keeping the bullish scenario intact for the leading digital asset.
Bitcoin Bullish Scenario Still Alive
Despite starting the year sluggishly, BTC closed the first quarter of 2025 on a strong enough note, reinforcing its bullish outlook. Crypto analyst Titan of Crypto highlighted that BTC’s March 2025 monthly candle closed above the 38.2% Fibonacci retracement level.
For the uninitiated, Fibonacci retracement levels are horizontal lines used in technical analysis to identify potential support and resistance levels based on the key Fibonacci sequence ratios – 23.6%, 38.2%, 50%, 61.8%, and 100%.
The Fibonacci retracement levels are drawn by measuring the vertical distance between a high and low point on a price chart, and then applying these percentages to predict where price corrections may occur.
In a separate X post, fellow analyst Master of Crypto noted that Bitcoin’s Hash Ribbon Buy Signal has also turned bullish. He emphasized that this signal is “one of the most powerful and consistent signals in BTC’s history.”
However, analyst Rekt Capital cautioned that despite BTC’s renewed momentum, fueled by a strong Relative Strength Index (RSI), it has not yet resulted in a significant price reversal. The analyst explained:
Ever since BTC’s Daily RSI dropped into the sub-25 levels, the RSI has been generally upticking. However this hasn’t translated into a full-blown price reversal just yet. For price to reverse to the upside, it would need to break its Daily Downtrend.
BTC Must Resist Falling Below $80,000
Offering a contrasting perspective, seasoned crypto analyst Ali Martinez warned that BTC must hold above the $80,000 level. He stressed that if BTC drops below this threshold, “there is little to no support until $70,000.”
In another X post, Martinez highlighted four crucial support levels for BTC below $80,000, based on price bands. The analyst highlighted $76,180, $58,080, $43,740, and $39,980 as four critical support levels.
That said, technical indicators suggest that now might be an opportune time to accumulate BTC. In a recent analysis, crypto trader Merlijn The Trader highlighted that Bitcoin is currently following the bullish ‘megaphone pattern.’
Furthermore, corporate adoption of BTC continues to grow. MicroStrategy Executive Chairman Michael Saylor recently teased another massive BTC acquisition in the near future. At press time, BTC trades at $83,630, up 1.5% in the past 24 hours.
Featured Image from Unsplash.com, charts from X and TradingView.com
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