The cryptocurrency market has seen a growth of 1% in the last 24 hours.

During the period, almost all the top ten cryptos, including Bitcoin, have experienced growth. The Bitcoin market has witnessed a significant surge of 3.5%.

The cryptocurrency market has seen a growth of 1% in the last 24 hours. During the period, almost all the top ten cryptos, including Bitcoin, have experienced growth.

The Bitcoin market has witnessed a significant surge of 3.5%. Currently, the BTC price stands at $87,178.13 – nearly 3.43% above where the market was at the beginning of this month. However, analysts predict a possible pullback. Here is what traders should watch out for.

Market Sentiment Restored After Liquidations

At a point on March 20, the Bitcoin market touched $87,452.17. Unfortunately, on the same day, the market plummeted by nearly 3.03%. In fact, between March 20 and 22 alone, the market slipped by over 3.51%. However, yesterday, the trend overtuned, as the market rebounded by nearly 2.65%. Currently, the Bitcoin price remains at nearly 2.30% above where the market was at the start of March 23.

This indicates that people’s confidence in Bitcoin has been restored.

Short-Term Pullback Expected in 1-2 Weeks

A post on X by CrypNuevo suggests that the Bitcoin market may experience a retracement within the next one or two weeks.

$BTC Sunday update:Market sentiment has been restored after hitting the short liquidations at $87.1k. Now, it could be a good opportunity for the MM to shake out the market again.We may see a pullback from here over the next 1-2 weeks, a retrace of this recovery.

1/5: pic.تواصل

— CrypNuevo (@CrypNuevo) March 25, 2024

Pointing out certain crucial patterns observed by him in the one-week chart of Bitcoin, the crypto analyst asserts that the overall bullish trend in the market remains intact.

The 50-day EMA of Bitcoin in its one-week chart is $77,726.95. Recently, the BTC market retested this level.

Staying above this level is very crucial for Bitcoin, as it is an extremely important bull market support level of this market.

The analyst states that as long as the BTC market stands above this support level of $77K, the bullish trend of Bitcoin remains valid.

He also warns that if the BTC price drops below this level, the market could experience deeper corrections.

Support Trendline Exist, But Stop-Losses Below It

CrypNuevo notes that there exists a support trendline. He shares the one-hour chart of Bitcoin to justify his argument. However, he warns that there are also a lot of stop-losses below it. This increases the likelihood of a price dip to trigger liquidations.

In conclusion, Bitcoin remains bullish in the long term, but traders should be cautious about a short-term pullback. A key level to watch is $77K. If the support holds, the bull run continues, but failure could lead to deeper corrections.