Is Bitcoin About to Take a Nosedive? You Won’t Believe What Happens Next! 😱

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So, Bitcoin is having a bit of a meltdown at the $80K support level. You know, just casually flirting with disaster while sellers are trying to break in like they own the place. 🙄

If they succeed, the next stop on this rollercoaster ride is the dreaded $75K. Buckle up, folks! 🎢

Technical Analysis

By Shayan

The Daily Chart

Our dear Bitcoin is clinging to the $80K support like a cat on a hot tin roof. This level is like the last slice of pizza at a party—everyone wants it, and it’s crucial for keeping the party going. 🍕

But if the sellers get their way and push below this level, we might as well start planning a funeral for Bitcoin at $75K. Currently, it’s stuck in a tight range between $80K and $85K, waiting for a breakout like a teenager waiting for their crush to text back. 📱

The 4-Hour Chart

On the lower timeframe, Bitcoin dipped below $78K, triggering a liquidity hunt. Sounds dramatic, right? It’s like a reality show where everyone’s fighting for the last rose. 🌹

The RSI is showing a bullish divergence, which is just a fancy way of saying that the bears are getting tired. So, there’s a chance we might see a little bounce back to $85K. But until then, it’s all about this consolidation phase—like waiting for the next season of your favorite show. 📺

On-chain Analysis

By Shayan

Let’s talk futures market sentiment, shall we? It’s like reading the room at a party—are the buyers or sellers dominating? The funding rates are dropping faster than my motivation on a Monday morning, indicating that sellers are opening short positions like they’re going out of style. 😅

While this might look bearish, it’s reminiscent of the summer of 2024 when Bitcoin went through a corrective phase before bouncing back like a rubber ball. 🏀

So, we might be in for a long consolidation phase before Bitcoin decides to rise again. Just remember, it’s all part of the crypto drama!

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2025-03-14 11:46