The post Technical Analysis Shows Rejection at $87,500 Level appeared on BitcoinEthereumNews.com.

TLDR Bitcoin has pulled back from $87,500 to below $85,000, dropping around 2% in 24 hours Market manipulation by whales is suspected, with “spoofing” tactics creating artificial resistance Liquidations are approaching $200 million, with long positions accounting for $131 million Despite volatility, Bitcoin ETFs recorded their fifth consecutive day of inflows totaling $165.75 million Technical indicators suggest possible further decline to $80,000 support level Bitcoin has experienced a pullback to below $85,000 after reaching a 13-week high of $87,500 on March 20. The cryptocurrency is now trading at around $84,135, reflecting a 2% decrease over the past 24 hours. The decline coincides with increasing market liquidations. These have approached $200 million in the last 24 hours. Long position liquidations account for $131 million of this total. Technical analysis shows Bitcoin is testing a long-standing resistance trendline. The cryptocurrency is forming price rejection candles on the 4-hour chart. This signals an extended pullback might be in progress. Bitcoin Price on CoinGecko Market indicators are turning bearish. The MACD and signal lines have crossed negatively. This potentially signals a sell-off in the short term. Bitcoin’s open interest has decreased by 4.45%. It has reached a low of $52.81 billion in the futures market. The long-to-short ratio shows a subtle rise in bearish positions, now at 0.9861. Despite these bearish signals, the funding rate remains positive. It currently stands at 0.0051%. This reflects ongoing bullish sentiment toward long positions despite traders paying extra premium. Whale behavior appears to be influencing price action. Analysis from Material Indicators suggests that Bitcoin’s inability to break through $87,500 is due to market manipulation. Large blocks of sell orders have appeared on exchange order books. $BTC Still fighting that Daily 200MA/EMA and previous support. Looking at the higher timeframe, the bulls would want to get back above ~$89K-$90K…

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Filed under: News - @ March 21, 2025 12:26 pm