Bitcoin enters the second week of March trading around $66,689, down nearly 4% from last week’s peak of $71,309. The market faces renewed pressure as profit-taking from GBTC outflows challenges broader institutional accumulation through spot ETFs. This week’s U.S. CPI data and potential SEC action on ETH ETFs could determine whether the current consolidation resolves higher or extends the correction.
4-Hour Chart Analysis
Price structure shows a series of lower highs since the $71,309 peak, with the 4-hour chart revealing a descending channel formation between $68,500 and $66,300. Multiple liquidity sweeps below $66,500 suggest institutional accumulation at these levels, while a fair value gap remains unfilled above $69,200.
Buy Prediction: Look for long entries on retests of the $66,300-$66,800 demand zone, confirmed by bullish engulfing candles and high-volume rebounds. Target the $68,500 resistance with stops below $65,800.
Sell Prediction: Counter-trend shorts only valid below $66,300 with confirmation, targeting $65,500. High risk given underlying strength.
Daily Chart Analysis
The daily trend remains bullish despite the correction, with price holding above the 21-day EMA at $65,800. Institutional buying patterns visible through higher lows and declining sell volume suggest accumulation continues during this consolidation phase.
Buy Prediction: Major daily support zone $65,800-$66,300 offers optimal entry, requiring daily close above $67,500 for confirmation. Target $72,000 area.
Sell Prediction: Not advised unless daily close below $65,800 triggers larger correction. Would need volume confirmation.
Weekly Chart Analysis
Weekly structure maintains strong uptrend with nine consecutive green candles before current consolidation. Major weekly demand zone $63,500-$65,500 remains untested since February breakout, suggesting potential deeper retracement target.
Buy Prediction: Weekly retracements to $65,500 area present highest-probability entries for position trades targeting $75,000+.
Sell Prediction: Weekly timeframe selling highly risky without macro shift. Would require break below $63,500 and ETF flow reversal.
Monthly Chart Analysis
Monthly chart shows historic bull market structure with price trading well above all major moving averages. Institutional adoption metrics and on-chain data suggest sustained accumulation phase similar to 2020-2021 cycle.
Buy Prediction: Deep retracements to monthly demand zone $58,000-$60,000 would present generational buying opportunity.
Sell Prediction: Monthly timeframe shorts extremely high risk. Would require severe regulatory crackdown or systemic market failure.
Technical Analysis
| Level | Price | Significance |
|---|---|---|
| Current Price | $66,689 | Testing weekly support |
| Critical Support | $65,800 | 21-day EMA |
| Immediate Resistance | $68,500 | Current channel top |
| Major Resistance | $71,309 | Weekly high |
The technical structure shows consolidation within a descending channel after rejection from all-time highs. Volume analysis reveals declining sell pressure on dips, suggesting accumulation rather than distribution. The current setup maintains bullish bias above $65,800, with potential for continuation once the $68,500 resistance breaks.
Bitcoin Fundamental Analysis
Recent news indicates Bitcoin price is influenced by: – ETF Flows: GBTC outflows slowing to $200M daily while spot ETFs maintain net positive inflows – Regulatory Climate: SEC chairman’s comments suggesting ETH ETF consideration – Macro Environment: Upcoming CPI data impact on rate cut expectations
Key market indicators: – Exchange Flows: Net outflows from major exchanges continue – Mining Metrics: Hash rate at all-time highs, suggesting network strength – Options Market: Call options dominate with $75K strike popular for June
Weekly Outlook
Main Scenario: Price holds above $65,800 and clears $68,500 resistance → Continuation to test $71,300 → Potential new ATH attempt at $73,000 Probability: 65% based on technical structure and ETF flows
Alternative Scenario: Break below $65,800 triggers stop cascade → Correction to major support $63,500-$65,500 → Accumulation phase before next leg up Probability: 35% if CPI data triggers risk-off response
Bitcoin’s near-term direction hinges on the battle between GBTC outflows and fresh ETF demand, with technical structure favoring continuation above $65,800 while maintaining caution around upcoming macro catalysts.
If you’re reading this, you’re already ahead. Stay there, by joining the…
Discover more from Dipprofit
Subscribe to get the latest posts sent to your email.
