Bitcoin Takes Off from Daily Bullish Order Block

Following a correction phase that began after forming a swing high on March 14th, Bitcoin’s price declined through a bearish parallel channel on the daily chart. The uptrend has now resumed with a bullish breakout above the parallel channel. The price surged past the significant swing high of 67,201.0, confirming a price reversal. This breakout led to the formation of a bullish order block, turning the previous resistance zone into a support zone as the price retraced to the order block to gain bullish momentum.

BTCUSD Key Levels

• Supply Levels: 73,794.0, 80,000.0
• Demand Levels: 58,829.0, 53,015.0

What Are the Indicators Saying?

On March 22nd, the 9-period Moving Average (MA) crossed below the 21-period MA. The previous MA cross on February 1st had initiated a bullish trend. The cross below on March 22nd indicated market weakness, triggering the correction phase. The MACD (Moving Average Convergence Divergence) formed an arc in the oversold region, signalling a pause in the impulsive bullish motion seen in mid-March.

Currently, the 9-period MA is being tested to provide support, while the 21-period MA remains beneath the daily candles, helping to sustain the bullish trend. This alignment of the MAs suggests continued upward momentum. Additionally, the Relative Strength Index (RSI) is trending upward, indicating increasing buying pressure. The confluence of these indicators supports the expectation that Bitcoin’s price is poised to rise towards the next significant resistance level at 73,794.0. As Bitcoin continues to respect the newly formed support zone around the bullish order block, the technical outlook remains positive.

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