Bitcoin Market Analysis

Bitcoin (BTC) is currently trading in bear territory, yet it remains in a bull market after reaching a peak of $108,000 in late January.

Technical indicators suggest that the bull market for Bitcoin may soon end. The 50-week moving average (MA) is a crucial support level; closing below this could indicate the end of the current bull market, according to crypto analyst Mikybull Crypto.

In a March 4 X post, the analyst noted that a similar breakdown occurred in 2021, which marked the end of that bull run. Bitcoin peaked at $69,000 before closing below the 50-week MA at $42,500, leading to a prolonged bear market. Currently, BTC is testing this essential level around $75,000. The MA50 serves as a foundation during bull cycles, smoothing price trends. Historically, losing this level has resulted in deeper corrections or shifts to bear markets.

Bitcoin Potential Rebound Zone

Analyst CipherX believes Bitcoin’s significant movement is forthcoming, but further losses should be expected before any upward movement. He projected a possible dip to $78,000 before a strong rebound.

The expert noted that BTC faced a double-top rejection near $110,000 and broke below the $94,000 support range. The next significant level is around $78,000, which is historically a resistance-turned-support area. Holding this level could trigger a rebound to new highs.

Bitcoin’s recent decline follows the excitement around President Donald Trump’s strategic crypto reserves announcement, which temporarily lifted the cryptocurrency above $90,000 before it fell again. Critics, including economist Peter Schiff, accused Trump of a “crypto rug pull,” as he included multiple cryptocurrencies instead of focusing solely on Bitcoin.

Additionally, Trump’s upcoming tariff plans have contributed to market anxiety, resulting in over $1 billion in liquidations across exchanges. Bitcoin’s losses could continue as institutional demand appears to weaken. On March 3, spot Bitcoin exchange-traded funds (ETFs) experienced a $74.2 million outflow, following $2.39 billion in net outflows the previous week.

If these outflows persist, Bitcoin may test the critical $80,000 mark. A significant drop could quash expectations of a rebound in March.

Bitcoin Price Analysis

At press time, Bitcoin was trading at $83,262, down 10% in the last 24 hours. Weekly losses stand at 6%, as bearish sentiment remains strong. Currently, Bitcoin’s price action depends on the $78,000 and $80,000 support zone; a breakdown could intensify losses, while a rebound might reignite bullish momentum toward $94,000 and higher.

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