Bitcoin Technical Analysis Report 3rd March 2025
Bitcoin saw strong buying momentum over the weekend after US President Donald Trump announced that Bitcoin, Ether, XRP, Solana, and Cardano would be part of a new crypto strategic reserve. Adding to the bullish sentiment, BlackRock made a significant move by incorporating the iShares Bitcoin ETF Trust (IBIT) into its $150 billion model portfolio, as reported by Bloomberg. The investment giant allocated 1% to 2% of portfolios that allow alternative assets, potentially unlocking fresh demand for Bitcoin ETFs. Meanwhile, Bitcoin has climbed to the 20-day exponential moving average (EMA) of $92,366, indicating aggressive buying at lower levels. However, sellers are likely to defend this level, attempting to stall the ongoing relief rally.
At the time of writing, BTC was trading at $92,800.
Last week, BTC experienced a sharp correction after breaking the key support level of $90,000. Prices dropped nearly 13%, hitting a low of $78,258. However, the asset formed a Hammer candle, where the long lower shadow signaled strong buying interest, pushing prices back above $90,000. Notably, BTC secured a weekly close above this key level. For further upside, BTC must break, close, and sustain above $110,000.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. |
| $80,000 | $90,000 | BTC | $100,000 | $110,000 |
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