“Not Afraid of Downward Pressure”... Bitcoin Eyes $80,000 Rebound Momentum

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Bitcoin (BTC) has secured short-term rebound momentum as it attempts to break through key resistance levels after withstanding prolonged downward pressure.

According to crypto-focused outlet The Crypto Basic on February 27 (local time), Bitcoin has risen 4.6% over the past 24 hours and is trading near $68,138. Buying interest defended the $65,000 level and pushed prices higher. After attempting to break above $69,480, Bitcoin is currently fluctuating between $66,000 and $68,000.

Technical analysis shows that the 50-day and 100-day exponential moving averages (EMAs) are forming a strong resistance zone. The 50-day EMA, currently at $76,113, remains below the 100-day EMA at $83,719, maintaining a bearish alignment that suggests significant buying pressure is required for a full trend reversal. With the price still trading below both EMAs, mid- to long-term downward pressure in the market remains intact.

Reporter Mark Brennan noted that positive changes are being detected in momentum indicators such as the Moving Average Convergence Divergence (MACD). The MACD histogram has turned positive and moved above the signal line, raising the possibility of a bullish divergence, which signals that the downtrend may be easing. The market appears to be transitioning from aggressive selling to a base-building phase.

Analyst Captain Faibik emphasized the importance of closing above the 200-week EMA at $68,000 on the weekly chart. If Bitcoin secures a weekly close above this level, it could gain momentum toward $80,000 in the near term, with a strong bullish trend likely to develop throughout March. Whether Bitcoin can establish support above the 200-week moving average is expected to be a key turning point for future price direction.

However, Bitcoin has declined more than 22% over the past 30 days and is down over 37% on a 180-day basis. Whether the current rebound develops into a long-term trend reversal or remains a temporary technical bounce within a broader decline will depend on accompanying trading volume. Investors are maintaining a cautious approach while monitoring the recovery of key resistance levels and changes in the macroeconomic environment.

Disclaimer: This article is for investment reference only and we are not responsible for any investment losses resulting from its use. The content should be interpreted solely for informational purposes.