Bitcoin’s bounce off $76,606 is facing selling near $85,000, but there are early signs that the selling pressure could be reducing, and a bottom may be nearby.
Bitcoin (BTC) bounced from $76,606 on March 11, but the bulls could not sustain the price above $84,500 on March 12.
Nansen principal research analyst Aurelie Barthere told Cointelegraph that Bitcoin is in a macro correction in a bull market, with the next crucial level being “$71,000-$72,000, top of the pre-election trading range.”
Glassnode also projected a similar target in its March 11 market report. The onchain analytics firm said the recent sell-off had been triggered by the short-term holders who may have purchased near the peak in January. Glassnode added that Bitcoin could bottom out near $70,000 if selling persists.
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