Bitcoin (BTC) Shows Signs of Recovery Slowly as Bulls Defend Lower Levels to Maintain Control

Bitcoin (BTC) is showing signs of recovery slowly as bulls are defending lower levels in order to maintain control. While Ethereum (ETH) has been

Bitcoin (BTC) price is slowly recovering as bulls are defending lower levels to maintain control. While Ethereum (ETH) has been on a downward trend, BTC has managed to gain over 33 per cent since March 2024. For now, strong support has been established for BTC at $81,600, with key resistance at $87,500.

Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile. There are no foolproof methods to ascertain how cryptocurrencies are expected to behave in the future.

This article is aimed at helping investors stay on top of the current market scenarios and the biggest events that have already taken place as well as some upcoming occurrences that are worth noting. Investors are advised to do their research before taking any calls.

Crypto Prices Over The Past Week

Last Monday (March 17), the overall crypto market cap stood at $2.72 trillion. BTC price stood at around $83,000. ETH price stood at around $1,900.

A week later, the overall market cap rose to $2.83 trillion.

Check Out Top Crypto Prices Today

DeFi's total volume stands at $6.14 billion, at 10.45 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $55.62 billion, at 94.73 percent of the total 24-hour market volume. As per CoinMarketCap, the overall market fear and greed index stood at ‘Fear’ with 31 points (out of 100).

BTC dominance, at the time of writing, stood at 60.81 percent.

Over the past seven days, Bitcoin achieved a high of $87,301.60 (on March 20) and a low of $81,197.74 (March 18).

Ethereum, on the other hand, saw a high of $2,065.03 (March 20) and a low of $1,880.14 (March 18).

Crypto Events To Note

Bitcoin is trading above $85,000, gaining 2% at the time of writing, and holding support at $81,000. 60.52% of Binance Futures traders are in long positions, anticipates a breakout.

Pi42 CEO Avinash Shekhar on Bitcoin forming a cup-and-handle breakout from key resistance, adding that the crucial support level to watch out for is at $83,444.

Unocoin CEO Sathvik Vishwanath notes that Bitcoin faces resistance at $85,246. A strong push above $87,500 could propel Bitcoin towards $95,000. However, if it drops below $81,000, it might test the next support at $76,606.

BuyUcoin CEO Shivam Thakral highlights Bitcoin's 3.19% rise today, with Ethereum, XRP, and Solana also showing gains. CoinDCX reports that meme coins like FARTCOIN are leading the rally in the Indian markets.

As the SEC continues its discussions on crypto regulation, the crypto market is poised for some key moves this week.

What Crypto Traders Are Saying About Current Market Scenario

Edul Patel, co-founder and CEO, Mudrex, told ABP Live, "Bitcoin surged past the $85,000 mark over the weekend, with bulls valiantly defending lower levels to retain control. We're now seeing strong support at $81,600, while the next key resistance is established at $87,500. Zooming out on the yearly chart, Bitcoin has already gained over 33% since last March. In contrast, Ethereum has been charting a downward trend for the past three months. However, large investors have been steadily accumulating ETH during this period. According to Glassnode, the number of wallets holding at least $100,000 in Ether increased from around 70,000 on March 10 to over 75,000 by March 22.

Overall, broader macroeconomic concerns continue to exert pressure on all markets, including crypto. This could keep the market in a sideways trading band as we approach April."

Sonu Jain, CRCO, 9Point Capital, said, "Bitcoin held up well last week despite a few mid-week dips, showing good strength to defend key levels. At 9Point Capital, we keep the broader market sentiment neutral to bullish as we start this week. There's resilience in the price action,