Analysts: Bitcoin Could Fall Below $77,000-$79,000 Support, Further Down to $65,000-$74,000 Area by April

On 21 March, Cointelegraph reported that bitcoin is still down about 25 percent from its all-time high of $110,000, despite rebounding about 14 percent after hitting a four-month low of nearly $76,600 on 11 March. While this is a normal part of a ‘bull market correction,’ some analysts expect the price of bitcoin to continue to fall.

Analyst GDXTrader noted on social media that Bitcoin is facing new bearish pressure after the rejection of the downtrend channel resistance at $87,470, and that the downtrend has been reinforced by a ‘dark cloud cover’ pattern. The pattern emerged after a strong green candle, followed by a red candle that opened above the previous close but closed below the midpoint of the first candle's entity, suggesting buyers tried to push higher but were suppressed by sellers.

Trader CrediBULL Crypto analyses that Bitcoin had a ‘perfect rejection’ after testing the $86,000-$88,000 resistance zone, increasing the likelihood of a pullback towards the $77,000-$79,000 support zone. If this support zone is breached, prices could dip further to the $65,000-74,000 area by April.

Analyst CryptOpus, meanwhile, notes that Bitcoin maintains a high correlation with traditional stock markets, particularly the SP 500 and Nasdaq 100, which are showing bear flag patterns. Bitcoin follows a similar structure, with $84,000 acting as a downtrend line of support that could trigger a deeper sell-off to $72,000.