Bitcoin hovers above $81K in an overnight recovery, and whale activity hints at another potential price surge.
As Bitcoin maintains its dominance above the $81,000 mark, it has seen a notable comeback. After a 5.48% surge yesterday, an intraday pullback of 1.62% has dropped the market price to $81,524.
With Bitcoin fluctuating near the 61.80% Fibonacci level, the chances of a post-retest reversal are high. Could this drop Bitcoin back to the $75,000 mark?
Is Bitcoin in for Another Post-Retest Reversal?
On the daily chart, the BTC price trend shows a bullish engulfing candle, reclaiming the 61.80% Fibonacci level. This critical horizontal level is at $81,855.
Despite a 24-hour high of $83,733, the intraday pullback signals a possible post-retest reversal for Bitcoin. This is due to the recently broken support-to-resistance trendline of a symmetrical triangle pattern.
With a higher price rejection, the bearish intraday candle suggests a continuation of the bearish trend. Currently, the daily RSI line is fluctuating near the oversold boundary level, reflecting a weakening bullish momentum. Due to the lack of buying pressure, the possibility of a significant correction in Bitcoin remains high.
Whales Acquire 65K BTC Amid Volatile Market Conditions
Notably, the recent swing low in Bitcoin has triggered a new wave of whale accumulation. As per CryptoQuant, the whales purchased over 65,000 BTC in the recent crash.
Furthermore, in a separate tweet, the on-chain data provider highlighted that Bitcoin corrections during a bull market are normal. According to the platform, Bitcoin’s 22% drawdown is not unusual for a bull market.
However, the valuation matrix signals a deeper correction than usual. During the 2016-17 bull market, similar drops didn’t trigger such a bearish sentiment. Therefore, the platform warns of a potential steeper correction for Bitcoin.
Bitcoin’s 22% drawdown isn’t unusual for a bull market.
What’s different? Valuation metrics signal a deeper correction than usual.
In 2016-17, similar drops didn’t trigger this level of bearish signals—this time might be different. pic.twitter.com/6xSRniQaje
— CryptoQuant.com (@cryptoquant_com) March 11, 2025
US Bitcoin ETFs Record $1.54 Billion in Outflow Since March 3
Despite Bitcoin’s surge on March 11, U.S. Bitcoin Spot ETFs recorded a net outflow of $371 million. With another day of outflows, Bitcoin ETFs have registered their 7th consecutive day of outflows in the U.S. market.
Bitcoin Spot ETFs
Driving the outflows, BlackRock and Fidelity offloaded $151 million and $107 million, respectively, while three ETFs saw zero outflows. Over the last seven trading days, Bitcoin ETFs have experienced a total outflow of $1.54 billion.
Analyst Highlights Key On-Chain Price Levels
Analyst Ali Martinez suggests that the short-term ongoing pullback in Bitcoin could encounter strong support levels at $79,270 and $69,450, based on on-chain data from IntoTheBlock.
The key support near $79,000 holds a total volume of 301.41K BTC in 368.55K addresses. Meanwhile, the short-term recovery leading to a bullish engulfing candle could face immediate resistance at $84,296, extending to $86,753, which holds a supply of 287.2K BTC in 556K addresses.
On-chain data from @intotheblock highlights two key support levels for #Bitcoin $BTC: $79,270 and $69,450. pic.twitter.com/gYlqMgbJce
— Ali (@ali_charts) March 12, 2025
Read the full article here
