Bitcoin Nears $80K Support: Will Bears Push It to $73,767?
Bitcoin drops below $82K, signaling a potential extended correction to $80K amid rising fear and uncertainty.
With crypto market liquidations reaching up to $217 million in the past 24 hours, Bitcoin is experiencing a sharp pullback. Over the past four days, Bitcoin has fallen by 6%, hitting a 24-hour low of $81,287.
Currently, Bitcoin is trading at $81,993, showing signs of a lower price rejection. Will this lead to a bullish rebound and prevent a retest of the $80,000 support level?
Bitcoin Analysis Warns of a Retest Near $80K
In the daily chart, Bitcoin’s price action shows a sharp bearish reversal from an overhead resistance trendline. This breaks the 67.8% Fibonacci level at $86,145 and the 200-day EMA near $85,500.
Bitcoin Price Chart
With a series of consecutive bearish candles, Bitcoin is approaching the 50% Fibonacci level at $79,957. However, despite the bearish pressure, the lower price action in the past three candles suggests a potential reversal.
Nevertheless, the downtrend has triggered a bearish crossover in the MACD and signal lines, indicating a possible steep correction ahead. Meanwhile, the declining trend in the 50-day and 200-day EMAs points toward a golden crossover.
Bitcoin ETFs’ Streak of Consecutive Days of Inflows Ends
Despite the bearish market, Bitcoin ETFs saw an inflow of $196 million last week, marking the second consecutive week of positive inflows after a $744.35 million inflow the previous week.
However, the monthly net inflow is negative, at -$696.84 million. Furthermore, on March 28, a $93.16 million outflow ended a streak of 10 consecutive days of inflows. Most of this outflow came from Fidelity, which recorded a withdrawal of $93.16 million, while other Bitcoin ETFs maintained zero flows.
Analyst Highlights Increased Bitcoin Movement
Meanwhile, Bitcoin miners’ confidence is gradually declining. According to crypto analyst Ali Martinez, Bitcoin miners sold more than 2,400 BTC in the past week, worth $220 million. Data from CryptoQuant shows that Bitcoin miner reserves have dropped from 1.81 million BTC to 1.808 million BTC.
In the past week, #Bitcoin $BTC miners sold more than 2,400 BTC, totaling roughly $220 million. pic.twitter.com/okHtcHT9KQ
— Ali (@ali_charts) March 30, 2025
Furthermore, Bitcoin’s on-chain activity has surged amid the growing market uncertainty. Bitcoin holders have moved 1,280 BTC in the past few hours, worth $106 million.
Additionally, over 30,000 BTC have been withdrawn from exchanges in the past week. The decreasing Bitcoin supply on exchanges provides a silver lining amid the growing uncertainty.
Over 30,000 #Bitcoin $BTC have been withdrawn from exchanges in the past week, shows on-chain data from @santimentfeed! pic.twitter.com/EjoXo6JNgi
— Ali (@ali_charts) March 31, 2025
Conclusion
The declining Bitcoin supply on exchanges and the falling miner reserves offer conflicting signals about the market. This creates increased uncertainty, potentially leading to sharp price movements in either direction.
However, the prevailing bearish pressure suggests the risk of a further downside move due to rising fear. Based on the Fibonacci levels, immediate support for Bitcoin is near $80,000 at the 50% Fibonacci level.
A breakdown below this support will likely lead to a retest of the $73,767 level at the 38.2% Fibonacci level. On the other hand, if Bitcoin manages a bullish rebound, it could aim to retest the 200-day EMA at $85,452.
