Bitcoin (BTC) Price Movement Remains Sluggish Over the Weekend, Hovering Around $84,000

Bitcoin's price movement remained sluggish over the weekend, hovering around $84,000 after a volatile week influenced by the Federal Reserve's inaction and Ripple's partial legal victory against the SEC.

Bitcoin’s price movements remained sluggish over the weekend, encountering difficulties in breaking out of the immediate resistance zone. As the new week commenced, Bitcoin almost touched the $89,000 level, which it has not seen for several weeks as it continues to try and recover from a recent steep decline.

Bitcoin attempts to reverse the loss

Recently, Bitcoin has been struggling to stay afloat as it tries to reverse a recent 20% loss in seven days. As Monday morning opened, Bitcoin was on the verge of breaking above the upper boundary of its weekly range, which lies between $86,000 and $89,000.

However, in recent hours, Bitcoin fell below the lower boundary of its weekly range and now faces challenges staying above $84,000.

Bitcoin price movements in recent times has been a sight to behold. After bottoming out in early 2023, BTC embarked on a strong recovery, finally breaking out of the bear market in 2024.

Analysts Maintain Optimism in Bitcoin Price

According to expert analysts at CryptoDirect, technical aspects suggest that Bitcoin (BTC) price will continue to perform progressively up later on.

Pointing out that Bitcoin follows a four-stage pattern across its past three cycles - bottoming out, recovery, an upward phase, and a bear market - one analyst, Mags, noted that the cryptocurrency has yet to form the expected green candle in the “Up Only” phase.

Indeed, the price of Bitcoin forms a low in a bear market then has the potential to rise to a new local top in the recovery phase. The following “Up Only” year leads to a highly likely price increase before the next bear market appears.

Continuing in this historical perspective, Mags claimed that Bitcoin has not yet formed the expected green candle in the “Up Only” phase. From past cycles, it can be observed that the yearly candle always close up higher than the previous year. The chart has illustrated that the possible trajectory of BTC means it could reach $200,000 before the year ends and a bear market may start in 2026.

Bitcoin Key Support and Resistance Levels

According to Glassnode's analysis of Bitcoin's cost basis distribution, efficient traders purchased nearly 15,000 BTC at the $78,000 low on March 10 and later sold at the local top of $87,000.

With reduced Bitcoin holdings at the $78,000 mark, support at this level appears weaker. Current support clusters have formed at multiple price points.

At around $84,100, approximately 40,000 BTC serve as support, while $82,090 holds about 50,000 BTC. Additionally, $80,920 sees a support level of around 20,000 BTC.

On the other hand, resistance appears to be consolidating at $95,000, where investor cost basis clusters increased by 12,000 BTC since March 24.

If Bitcoin's correction intensifies, longer-term cost basis data identifies deeper structural support zones. The $74,000 level holds approximately 49,000 BTC, while $71,000 sees around 41,000 BTC.

Bitcoin ETF Inflows and CME Gap Retesting

CryptoRank's data revealed continuous inflows into Bitcoin ETFs over the past ten days, accumulating $1.06 billion since March 14.

Assets under management have increased, rising from $88 billion on March 10 to $98.3 billion. At the same time, March is on track to become the second-largest month for outflows after February, surpassing April’s $345 million in outflows.

Rekt Capital observed Bitcoin's recent price movements in relation to the CME Gap. The asset has started retreating toward a previously identified gap between $82,000 and $85,000.

Bitcoin has only begun testing this area, and analysts suggest that a successful retest could serve as a foundation for potential upward movement.