Bitcoin price nears 3-week high as futures data shows long positions
Bitcoin price rebounds 13% to near $87,500, breaking key resistance.
Bitcoin price has surged near a three-week high of $87,500, marking a significant recovery from its yearly low of $76,500 recorded on March 11.
The 13% rebound over the past two weeks highlights renewed buying momentum, with leveraged traders increasingly positioning for further upside.
As of today, March 24, Bitcoin has risen 2.5% through the Asian trading session and is now trading at $87,100. This bullish move comes after Bitcoin decisively broke above the critical $84,400 resistance level, which has now turned into support. Notably, the 100 EMA on the 4-hour chart aligns with this level, reinforcing its strength as a key support zone.
BTC/USD price dynamics (March 2025). Source: TradingView.
Sentiment among Binance Futures traders reflects a predominantly bullish stance. Data shows that 60.52% of traders with open Bitcoin positions on the platform are holding long positions, suggesting confidence in further gains. However, broader market sentiment remains divided, with some investors preparing for a prolonged downturn due to persistent macroeconomic uncertainty, shifting global policies, and rising recession concerns.
BTC overbought RSI suggests possible profit-taking after strong rebound
Technical indicators suggest that the recent rally has pushed Bitcoin’s 4-hour RSI into overbought territory. While this signals strong momentum, it also raises the possibility of short-term profit-taking if traders react to overextended conditions.
The market’s direction in the coming sessions will likely hinge on Bitcoin’s ability to maintain support above $84,400. A sustained hold above this level could fuel another leg higher, with $88,000 and $90,000 emerging as key resistance targets. Conversely, a break below this support could open the door for a pullback toward the 80,000 psychological level.
Large traders manipulated Bitcoin’s price by placing sell orders near $87,500. After hitting this level, Bitcoin dropped 4.4% to $83,600, signaling further downside risk.
