Ah, Bitcoin – forever trapped in its cozy little box, clinging to the lower boundary of the $78K ascending channel, and eyeing the 200-day moving average at $83K with an almost romantic desperation. It’s like that awkward dance you can’t escape from – one wrong step and the whole thing might fall apart. Will it break free? Or is it just another dream? Only time (and a lot of overpriced coffee) will tell.
Technical Analysis
By Shayan (a man with *more* patience than most)
The Daily Chart
Let’s not sugarcoat it. Bitcoin’s market structure is about as bullish as a wet noodle these days. Recently, we saw it lose the $80K line with all the grace of a toddler tripping over their own feet. This isn’t just a minor slip; no, it triggered a sell-off that seemed as though it was the market’s way of shouting, “Here’s your clearance sale!”
And then came the rebound, fast and furious, like a billionaire at a Black Friday sale. The market’s smart money made a hasty purchase, probably trying to ignore the fact that they’re currently stuck in the $78K to $83K prison. A breakout from this tiny range is *the* drama we’re all waiting for, folks. Will it escape? Will it crash? Grab your popcorn.
The 4-Hour Chart
On the micro level (because who doesn’t love staring at numbers every minute), the liquidity hunt below $80K was almost a spectacle. Bitcoin dipped below the $80K line, just for a moment, before catapulting upwards like it had just been told it couldn’t have dessert. But wait, after breaking out of the ascending channel, it entered into a descending wedge pattern. Yes, another wedge. Because who doesn’t love a good wedge formation, right?
On the short-to-medium horizon, expect more limbo. Bitcoin will likely dance in this wedge, trying to keep its dignity while the $78K support holds on for dear life. If it breaks one way or the other – brace yourself for fireworks. Either it’ll soar, or we’ll all be crying in our coffee.
On-chain Analysis
By Shayan (who clearly knows when to hold ’em and when to fold ’em)
Despite the market correction, Bitcoin’s mining difficulty is still going up. Yep, you read that right. As if to say, “Sure, the market’s having a bit of a temper tantrum, but I’m still *working* hard.” The correction started back in March 2024, and we saw a brief dip in difficulty. But just when you thought it was game over, Bitcoin decides to make a grand comeback. If this market correction is a tragedy, Bitcoin’s mining difficulty is a comedy – full of absurdity and endless contradictions.
If mining difficulty goes down, it could indicate miner capitulation. But so far, there’s no sign of that – miners are holding on like that guy at the party who refuses to leave, even though the music’s off and everyone’s already gone home. But if this correction goes any deeper, we might start seeing miners packing up their rigs. Until then, just sit tight, because this phase demands patience (and possibly a stiff drink).
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2025-03-12 15:54