TechFlow reported on March 5 that, according to CoinDesk, Bitcoin's technical chart shows signs of seller exhaustion at the 200-day simple moving average (SMA) support level, suggesting a potential price rebound. Since last Wednesday, Bitcoin's decline has stalled at the 200-day SMA, with particularly notable daily candlestick patterns on Tuesday and Friday—both exhibiting small bodies and long lower wicks, indicating sellers failed to sustain prices below the 200-day average.
Technical analysts note that this candlestick pattern, appearing after a clear downtrend, typically signals a potential bullish reversal. Traders widely view this as evidence of weakening selling pressure, which could translate into a new upward phase. Based on this outlook, Bitcoin may rebound toward a weekly high around $95,000; if that level breaks, traders might set their sights once again on the $100,000 mark.
On the other hand, a break below the 200-day SMA support could expose Bitcoin to deeper downside pressure.
