Bitcoin Analysis: Will BTC Break $83K?

Written by Sahil Mahadik

Edited by Harsh Chauhan

Last Updated March 17, 2025

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Bitcoin has been in a consolidation zone for the past week. It’s showing indecision while remaining around the $83,000 level. A range with lower price action created by volatility indicates a breakout potential in the short term.

Currently, Bitcoin is trading at $83,572, and in the short term, the bears are gradually losing grip over the BTC price trend. The price action shows consolidation with decreasing volatility, suggesting a potential breakout.

In-Depth Bitcoin Price Analysis and Future

In 4-hour time, Bitcoin appears to be setting a chart that has an ascending triangle with a flat resistance level of approximately $83,400. This type of pattern usually implies a continuation of a trend if the breakout takes place above resistance.

On the technical front, the shortening of the MACD histograms reflects a reduction of bearish momentum. Thus, the MACD and signal lines give early signals for an impending bullish crossover. Higher buying pressure that can force prices to move up could be a signal for this situation as well.

Currently, Bitcoin is challenging the 50 EMA, which, in the past few sessions, has been the main resistance. A close above this moving average might indicate a bullish sentiment.

If Bitcoin succeeds in surpassing the $83,400 barrier, the oncoming levels would be $85,256 and $88,595. It might also be able to touch the $92,070 level.

Rising U.S. Spot Bitcoin ETF Outflows

In the past week, total outflow was -$870.39 million against a total traded value of $12.66 billion. For the past month, the daily total outflow of Bitcoin ETFs was at -$3.56 billion, and it’s -$68.41 million as daily outflow on March 14.

Bitcoin Derivatives Market Overview

The open interest in Bitcoin futures markets has notched down from recent highs due to the profit-taking of leveraged positions. Currently, it remains high overall at around $49.74 billion.

Funding rates are slightly positive at 0.0062%, indicating a slightly bullish mood from traders in the swapping perpetual market, but it is not at the levels that would indicate excessive positioning.

Written by Sahil Mahadik

Sahil Mahadik is a market writer at CryptoNewsZ with over three years of experience. He tracks price action and market trends in the crypto world. His work has appeared in major outlets like Pepper Content. Sahil specializes in technical analysis. He uses tools like on-chain data and chart patterns to find trading signals. He is also covering long-form price predictions. Sahil writes popular guides on the best altcoins to invest in and top crypto picks for long-term growth. As an active trader, he uses his hands-on experience with DeFi tools and exchanges to give readers simple, data-backed advice.