TechFlow News, March 21 — According to Cointelegraph, despite Bitcoin rebounding around 14% after dropping to a four-month low near $76,600 on March 11, it remains approximately 25% below its all-time high of $110,000. While this is considered normal during a "bull market correction," some analysts expect further downside for Bitcoin's price.
Analyst GDXTrader pointed out on social media that Bitcoin is facing renewed bearish pressure after being rejected at the downward channel resistance level of $87,470, with the "dark cloud cover" pattern reinforcing the downward trend. This formation occurs after a strong green candle, followed by a red candle opening above the previous close but closing below the midpoint of the first candle’s body, indicating buyers attempted to push higher but were overwhelmed by sellers.
Trader CrediBULL Crypto analyzed that Bitcoin saw a "perfect rejection" after testing the resistance zone of $86,000–$88,000, increasing the likelihood of a pullback toward the support area of $77,000–$79,000. If this support level breaks, prices could extend lower to the $65,000–$74,000 range before April.
Analyst CryptOpus noted that Bitcoin remains highly correlated with traditional equity markets—particularly the S&P 500 and Nasdaq 100—which are both displaying bearish flag patterns. Bitcoin follows a similar structure, with $84,000 acting as the lower trendline support; a breakdown below this level could trigger deeper selling down to $72,000.
