TechFlow News, March 17: According to a Cointelegraph report, multiple technical and on-chain indicators suggest further upside potential for BTC in the short term, though key resistance is concentrated near $84,000.
BTC’s monthly Bollinger Bands have contracted to their narrowest level on record. Analyst Cantonese Cat notes that such extreme contraction typically precedes significant volatility. Meanwhile, BTC has broken above the upper boundary of a symmetrical triangle pattern (around $68,500); the technical target implied by this pattern stands at $84,500—approximately 14% higher than the current price. BTC has now reclaimed both its 200-week exponential moving average ($68,000) and its 50-day simple moving average ($70,900). Its Relative Strength Index (RSI) reads 60, indicating a bullish zone.
On-chain data from Glassnode’s Cost Basis Distribution Heatmap shows approximately 898,000 BTC accumulated in the $83,000–$85,000 range—roughly 4.4% of BTC’s total supply—forming substantial sell-side pressure. Analyst Michael Nadeau points out that this range overlaps with the cost basis of short-term holders, meaning the current rally is highly likely to encounter resistance here. Additionally, order book liquidity data reveals a large concentration of short positions around $82,000.
