- In the murky depths of uncertainty, could this fleeting bounce morph into a glorious ascent for Bitcoin?
- Ah, the U.S. crypto strategic reserve announcement on Sunday—like a gentle breeze lifting the sails of market sentiment, albeit slightly.
On that fateful Sunday, the 2nd of March, Bitcoin [BTC] leaped a staggering 9.53%, as if propelled by the very hand of fate, following the grand proclamation of a new strategic crypto reserve by none other than U.S. President Donald Trump. Who knew politics could be so… profitable? 😏
This audacious proposal also embraced Ethereum [ETH], Ripple [XRP], Solana [SOL], and Cardano [ADA], all of whom basked in the warm glow of sizable gains. A veritable crypto family reunion, if you will!
Yet, from a technical lens, the BTC bounce did little to alter the daily outlook. Was this merely a bearish retest, or the dawn of a recovery that would herald a new uptrend? The suspense is palpable! 🎭
Bitcoin faces resistance till $100k- should you go short?
As the U.S. jobs report looms on the 7th of March, one can only wonder: if the report disappoints, will it send stocks and crypto, including our dear Bitcoin, into a tailspin? The rally, after all, emerged from the depths of range lows, establishing a rather ominous bearish structure. Talk about a plot twist!
Could this be a deep deviation before the price ascends to collect liquidity from the south? Or perhaps a classic “sell the news” scenario? Certainty is a rare commodity in trading, much like a unicorn at a crypto conference. 🦄
The CMF stood at +0.15, hinting at heavy buying pressure, while the Awesome Oscillator remained stubbornly in bearish territory. A classic case of mixed signals, like a traffic light stuck between red and green!
More crucially, the daily market structure was decidedly bearish. The lower high at $98.3 loomed large, needing to be breached to shift the narrative. A dramatic standoff, indeed!
The 1-month liquidation heatmap revealed a cluster of liquidity around $100k, suggesting that a move to this region was not just likely, but almost inevitable—like a moth to a flame! 🔥
The 1-week chart spotlighted the $95.5k level as the nearest price target, a support level that Bitcoin clung to throughout February like a lifebuoy in a stormy sea. A retest here could trigger a bearish reversal, sending traders into a frenzy!
At press time, the outlook seemed grim, with sentiment steeped in bearishness. Traders, wary of bullish prospects, tread lightly. Yet, Bitcoin, that unpredictable beast, has a knack for surprising us all, often soaring higher when least expected, leaving many in the dust. 🚀
Thus, while the qualitative assessment leans towards a bullish scenario, the technical analysis remains firmly entrenched in the bearish camp. A true conundrum for the ages!
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2025-03-03 16:10