Since reaching an all-time high (ATH) of $109,114.88 on January 20, Bitcoin (BTC) has been on a steady decline, struggling to regain momentum amid persistent selling pressure and growing bearish dominance in the market.
Now, technical indicators point to a deeper correction, with $73,000 emerging as the primary target, as noted by trading expert RLinda.
Technical analysis: Key levels to watch
According to RLinda, Bitcoin’s global growth momentum has stalled, with the asset moving into a deep correction phase.
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The market lacks liquidity, making it unsustainable for Bitcoin to grow solely at the expense of buyers and bullish leverage. The price is currently forming a short-term range between $90,000 and $82,000 after exiting a prolonged global consolidation phase.
The false break of the $91,000 resistance level, which previously served as a strong support, has resulted in further downside, with BTC now at risk of dropping to $82,000 and potentially $73,500 if selling pressure persists.
Bitcoin has now reached the lower boundary of its range, with $82,000 acting as a critical support level.
A sustained breakdown below this point could accelerate losses, driving the price toward $78,000 and further down to $73,000. While the current trend points to further downside, Bitcoin may still attempt a short-term recovery by testing liquidity areas at $83,400 and $84,700 before resuming its downward movement.
However, unless a strong bullish catalyst emerges, BTC remains at risk of falling toward the $73,000 mark.
Peter Brandt’s analysis: Bearish pennant points to further downside
Veteran trader Peter Brandt also echoes this bearish outlook, noting a completed double-top formation at $108,100, which was followed by a bearish pennant retest.
Now that the pennant pattern is complete, Bitcoin’s chart suggests a deeper correction unless it recaptures the $92,833 to $96,659 range. If BTC remains below this level, further losses toward $78,000 and beyond $75,000 appear likely.
Bitcoin market outlook
At press time, BTC is trading at $83,293, having plunged 10% in the past week and posting a year-to-date loss of 11%.
Beyond technical indicators, on-chain data from Santiment reveals significant shifts in Bitcoin’s whale and shark wallet accumulation patterns over the past six months.
Mild selling pressure from mid-February to early March contributed to Bitcoin’s recent slump, mirroring the broader risk-off sentiment in financial markets. However, since March 3, wallets holding 10+ BTC have accumulated nearly 5,000 Bitcoin.
Despite this accumulation, Bitcoin’s price has yet to reflect any bullish reaction. If large stakeholders continue buying BTC, the second half of March could see a recovery, provided macroeconomic conditions stabilize.
That being said, investors are closely watching this week’s economic data releases, which could further shape market expectations.
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