Despite its correction in recent weeks, Bitcoin on its way to new records? BTC analysis of March 25, 2024

Down slightly in recent weeks, Bitcoin is holding firm above $60,000 and could start to rise again in the coming days. The point in this BTC analysis from Monday March 25, 2024.

It is Monday March 25, 2024 and the price of Bitcoin (BTC) remains around $66,800.

It has now been more than 40 days since BTC has been moving above $50,000 and for the moment, the underlying upward trend does not seem to want to deflate.

So will the cryptocurrency return to new price records in the coming weeks or should we initially expect a more significant correction? Let's first take stock of its progress.

Despite its slight decline, BTC remains strong in the long term

Bitcoin confirms its upward momentum over the monthly time unit with still very strong progression at +31.03%.

Pairs with Bitcoin 24 hours 7 days 1 month
Bitcoin/USDT +2.44% -1.45% +31.03%
ETH/Bitcoin +1.80% -3.57% +14.07%

The dominance of BTC against altcoins remains stable at 53.25% while ETH/BTC fell 3.57% over the week.

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Bitcoin closes above its range

Despite the fall in its price for 2 weeks, BTC remains very strong above its large weekly blue rectangle which corresponds to the entire range phase of the previous Bull Run.

After breaking it upwards to achieve a new price record (ATH) above $73,800, BTC is now testing the upper part of this important zone.

Bitcoin price graph in Weekly

Bitcoin price graph in Weekly

And as we can see, the weekly close this Sunday evening showed that buyers were defending this zone well since the price rose above the rectangle.

Thus, we can imagine that the price having rebounded, it could be expected to start again this week towards new highs.

In any case, as long as the Tenkan (in turquoise) and the Kijun (in purple) move below the price, the configuration remains optimal for bullish continuation.

The next target is therefore still at around $79,865 (Fibonacci extension) and will remain valid as long as BTC does not return below the Kijun at $50,000.

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In summary, Bitcoin remains in an upward trend and appears to be able to continue its rise to new records in the coming weeks.

So do you think BTC will manage to surpass $79,000 in April? Don't hesitate to give us your opinion in the comments.

Have a nice day and we’ll see you tomorrow for a new analysis of Bitcoin (BTC).

Source: BTC/USD chart by TradingView

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