Bitcoin Plummets 13000 in 36 Hours, Struggles to Hold 90000 Mark

Coin WorldSaturday, Mar 8, 2025 8:41 am ET

1min read

Bitcoin has been experiencing a notable downtrend, with a significant resistance level at $90,000. The cryptocurrency's price surged from $85,000 to $95,000 following a major announcement, but it then dropped by $13,000 in just 36 hours, settling under $82,000 by Tuesday. This volatility underscores the challenges Bitcoin faces in maintaining its value.

Currently, Bitcoin is attempting to break through the $92,000-$93,000 resistance level after a recent bounce. This resistance level is crucial for traders to monitor, as a breakout could signal a bullish trend, while a reversal could indicate further downside. Investors are advised to keep an eye on Bitcoin's consolidation and resistance levels, as holding critical supports at the current price is essential for any potential rally.

Bitcoin has struggled to maintain its position above the $90,000 mark, tracing back to $87,289.57, down 2.12% in the last 24 hours. The market's bearish sentiment is evident, with key resistance levels at $87,500, $89,000, and $91,100, and support levels at $85,500 and $85,218. These levels are critical for traders to watch, as they can provide insights into potential price movements.

Bitcoin's price channels, formulated throughout the 2024 bull market, have repeatedly shown themselves as important price points. These channels use Bitcoin leverage liquidation prices, order book limit orders, and traditional technical analysis trends to highlight prices Bitcoin may struggle to surpass. The current purple channel ranges from $93.7k to $85.7k, with the top of the channel acting as a resistance to further price appreciation. News of the US crypto reserve saw Bitcoin fly through the purple range and break into the next channel, but fears of the economic impact of President Trump’s tariff policy saw these gains collapse over the weekend.

With a potential groundbreaking crypto summit at the White House, a price increase beyond the bottom of the orange channel at $93.4k would be bullish for Bitcoin. However, traders should remain cautious as the market's volatility and bear

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