In the past 24 hours, the total value of the digital currencies market and Bitcoin (BTC) has experienced a significant decrease, wiping out weekend gains. The price of Bitcoin has dropped below $85,000 again and is currently trading around $84,000. However, an anonymous analyst from CryptoQuant believes that this price correction could set the stage for a new upward trend. He has pointed out three key indicators that strengthen the likelihood of a short-term price recovery. The first indicator is a 14.42% decrease in Bitcoin’s Open Interest index on March 1, 2025. The drop in this index indicates a reduction in market leverage, usually providing an opportunity for buyers to enter the market at lower prices and start a new upward trend. The second indicator is the decline of the Crypto Fear and Greed index to level 15, indicating extreme investor fear. Historically, such low levels usually mean that the price has dropped excessively, creating a buying opportunity. The third factor is the Crypto Summit at the White House on March 7, 2025, an event attended by David Sachs, the White House AI and Crypto Director, and Donald Trump. This summit, focusing on regulating the digital currencies market, could be a significant catalyst for market trend changes. Additionally, Bitcoin’s Relative Strength Index (RSI) is at 36.88, indicating that the price is in the oversold range and a possibility of an upward movement in the near future. In case of an upward trend formation, Bitcoin could rise to the $92,247 resistance. However, if selling pressure continues, the price may drop to the $80,580 support level. You can monitor the prices of all tokens and cryptocurrencies live and in real-time on the digital currencies’ real-time price page.
