Forecasts of the upcoming Bitcoin movement

At the economic level

The price of bitcoin fell about 15% during last week's trading to close near the levels of 80,500 dollars, especially after investors were disappointed after the lack of direct federal investments in bitcoin, following the executive order issued by President Donald Trump on March 7, which outlined a plan to create a bitcoin reserve using cryptocurrencies.

As the official recognition by the government seems to strengthen the legitimacy of bitcoin, it disappointed some investors who expected an immediate influx of new government purchases.

Despite the low investor sentiment, cryptocurrencies and global markets remain on a downward correction wave as part of the bull market.

Most cryptocurrencies have broken key support levels, which makes it difficult to estimate the next key price levels.

We are still in a correction within a bull market during a period of uncertainty over tariffs, fiscal cuts and recession fears.

At the technical level

Forecasts indicate that bitcoin may witness a deeper correction towards the USD 73,500 levels, which will be near strong support levels and 38 Fibonacci levels, from which we may see a return to the upside a second time.

As for if it breaks and closes below 73000, we may witness a deeper correction and bitcoin will reach the uptrend levels close to the 50 Fibonacci levels, from which the ascent may be after it.