Bitcoin has been experiencing an impressive recovery following its tragic fall earlier this week. On March 10, BTC plunged below $80,000 and even dropped further down to a low of $77,393. Since the fall, the asset has made slight rebounds, rising from a dip below $80k to above the $83k level. Today, market analyst Ali Martinez spotted a crucial support level that Bitcoin must hold for it to maintain an upward momentum.
BTC must hold above $81,400
In a technical chart posted on X today, Martinez pointed to $81,400 as the most important support level for Bitcoin. According Martinez, the token has a big test – it must sustain its value above this support level to keep uptrend alive.
Bitcoin is currently in a critical stage where it needs to confirm an upward momentum by maintaining its price above this support region. Martinez suggests that if Bitcoin holds its value above this support, it could find the strength to push higher and sustain an uptrend.
Bitcoin price updates
Despite being in a downtrend, Bitcoin is displaying signs of recovery. So far, it has been trying to hold its price around the $83,000 zone. This rise has been driven by favourable market conditions that emerged recently, including the recent much better-than-expected CPI index and calming global tensions.
BTC’s recent rebound is mainly triggered by positive events from financial markets. A key driver to the asset resurgence was the announcement of a favourable CPI index that indicated a decrease in inflation, which bolstered traders’ enthusiasm.
Furthermore, global power struggles across the world have calmed following Ukraine’s agreement to cool down its fight against Russia through US intermediation. This development has assisted in stabilizing investment markets, which has contributed to users’ increased enthusiasm for risky investments like equities and virtual currencies.
Another factor that has helped create consumer optimism is Canada’s move to withdraw a 25% tax on electricity exported to the US. The move has decreased trade tensions, boosted favourable market conditions, and heightened investor optimism. All these catalysts have enabled the token to experience promising recovery, putting its price hovering around the $83,000 zone.
Recently, the asset has been trying to surpass the resistance area of $84,266 and $86,208 but finds itself slipping back to the area around the $83k level. This is a crucial region that may decide whether the token can move above the $86k level and strive for higher targets.
As the asset moves around the $83k zone, investor sentiments are majorly optimistic, with projections indicating that the asset is likely to surge higher. Positive developments and rising market activity show that BTC’s value could surge, possibly targeting the $90,000 mark. As per data from Coinalyze, Bitcoin’s Open Interest (IO) has risen by 4.1% over the past 24 hours. This shows that traders are increasingly allocating more funds to the token, suggesting strong investor confidence and a potential price uptrend.
