Bitcoin Price Analysis: If this support continues, BTC could challenge $100,000 again
- DDDOriginal
- 2025-03-05 15:03:02833browse
Technical Analysis (By Edris Drahish/TraditingRage)
Daily chart: The asset recently broke through the $100,000 mark and fell back, but the $92,000 level provided support, avoiding further declines. However, this support level has been tested multiple times, and testing again may lead to a price drop. On the contrary, if you keep $92,000, it may hit $100,000 again, or even set a record high.
4-hour chart: The 4-hour chart shows that the price trend is clearer. Due to the failure to exceed US$100,000, the market experienced a rapid pullback. The $92,000 level prevented further declines. But the overall trend is still bearish, and the market lacks momentum to rebound strongly to $100,000. Therefore, if the status quo continues, the support level of $92,000 may fall and the price may fall to $85,000.
On-chain analysis (By Edris Drahish/TraditingRage)
Exchange Reserve: Although the price of Bitcoin has remained below $100,000 for months, market participants have begun to worry about the overall trend, and sentiment in the futures market is particularly obvious.
The following figure shows the financing rate indicator, which is one of the best indicators to evaluate futures market sentiment. Positive values indicate bullishness, negative values indicate bearishness.
The chart shows that although the financing rate remains positive, it has dropped significantly compared to when it first hit $70,000 in December or March this year. This indicates uncertainty in the market, but also implies that the futures market has not overheated, and adequate spot market demand may drive prices and trigger a sustainable rebound.
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