Bitcoin just made a big leap in the decentralized finance (DeFi) space with the announcement of Velar's PerpDEX—the first perpetual exchange to be native to Bitcoin.
Bitcoin (BTC) continued its four-day downward path as the trading day began. At 00:40 (08:40 ET on March 28), a golden cross appeared on the MACD, suggesting that the price would rise again. But at 02:00, a death cross swiftly followed this small jump, and a fresh negative trend emerged. Another death cross confirmed the downward trend at 04:30. Following an oversold signal from the RSI, a golden cross appeared by 05:45, providing short-term respite from additional falls.
However, selling pressure continued, and a short-term support zone at $85,000 was created by a following golden cross at 08:35, which gave the market a platform for a slight price recovery. Before another death cross at 13:45 brought the price of Bitcoin back down, it had risen to about $85,550. At $83,530, a crucial support level was established in tandem with the oversold RSI signal.
The levels of support and resistance are currently at $83,530 and $85,840, respectively. The price of Bitcoin has remained reasonably stable between $84,600 and $83,740, even after it has found new support level. Bitcoin is still trading in a narrow range at the beginning of a new trading day, which highlights the market’s hesitancy and caution.
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