Bitcoin price has entered a deep bear market after falling by over 25% from its all-time high of $109,200 earlier this year. On Wednesday, it was trading at $83,000, up from this week’s low of $76,500. Technical indicators highlight $72,250 as a crucial threshold for BTC.
Bitcoin’s Bullish Stance at Risk Below $72,253
Technicals suggest that the Bitcoin price will be at risk of further declines if it drops below the important support at $72,253.
This level is notable as it aligns with the 61.8% Fibonacci Retracement. This retracement is drawn by connecting the lowest level in August last year and the highest point in 2025. The 61.8% retracement is known as the golden ratio and is where most rebounds typically happen.
This price also coincides with the highest swing in March 2024, when the BTC price peaked before a significant reversal. Retesting that price will be good for Bitcoin as it will be a break-and-retest pattern, a highly popular continuation sign.
Thus, falling below this threshold will negate the break-and-retest pattern, potentially leading to further declines.
BTC price chart | Source: TradingView
Three Key Catalysts for BTC’s Potential Rebound
Looking ahead, the Bitcoin price has numerous catalysts that may lead to a steady rebound in the next few weeks. First, the daily chart above shows that the coin has formed a bullish engulfing pattern, a popular positive sign. This pattern consists of a bullish candle fully covering a bearish candle.
Second, the blood worm moon lunar eclipse could lead to a strong bullish breakout for Bitcoin and other coins. In a recent X post, Crypto Damus, a popular analyst who applies astrology concepts in trading, warned that Bitcoin may drop heading into the March 13/14 eclipse because Saturn is the planet of fear. He anticipates this decline, which may have already occurred, will serve as a local bottom.
READ MORE: Astrology Predicts When Bitcoin Price and Crypto Crash Will End
Third, Donald Trump might ease his tariff threats as US equities plunge. The main indices, the Dow Jones, Nasdaq 100, and the S&P 500, have plunged this week and are underperforming their global counterparts. Trump considers the stock market a measure of his success.
Further, the crypto fear and greed index has moved to the extreme fear zone. In most cases, this is usually one of the best times to buy as smart money investors continue accumulating. For example, the ongoing crypto crash happened after the index reached the extreme greed zone of 88.
Bitcoin prices might gain from the continued decline in US bond yields, increasing the likelihood of Federal Reserve interest rate cuts.
READ MORE: Solana and XRP Prices to Rebound? Stocks Show Some Good Signs
