Bitcoin’s price hovers near $83,000, caught in a tug-of-war between institutional inflows and mounting market uncertainty. With an intraday pullback of 1.27%, Bitcoin’s price action hints at a potential crash, intensifying concerns about a bearish turn.
Bitcoin’s Ascending Triangle Signals Breakdown Threat
On the hourly chart, Bitcoin exhibits an ascending triangle pattern, indicating a crucial make-or-break moment. The resistance at $84,850 remains unbroken, signaling a struggle for bulls to push higher. The recent pullback of nearly 2% is now testing a local support trendline, increasing the likelihood of a downward correction.
Despite these risks, Bitcoin’s Directional Movement Index (DMI) hints at a possible turnaround, with a positive crossover suggesting a renewed push higher. Additionally, the ADX line’s upward trend indicates strengthening momentum, potentially preventing a deeper correction.
Institutional Investment Surges: Bitcoin ETFs See Biggest Inflow Since February
Providing a counterforce to Bitcoin’s recent dip, U.S. Bitcoin spot ETFs recorded a significant daily net inflow of $274.59 million on March 17. Fidelity led the inflows with $127.28 million, followed by ARK and 21Shares at $88.53 million. BlackRock contributed $42.26 million, while Grayscale and Bitwise added $14.22 million and $2.3 million, respectively.
This marks the largest Bitcoin ETF inflow in six weeks, highlighting growing institutional confidence amid price fluctuations. While some ETFs like WisdomTree, CoinShares, and Franklin recorded no net flow, the overall uptick in investment suggests robust demand for Bitcoin at current levels.
Will Bitcoin Rebound to $90K or Face a Deeper Correction?
With institutional backing strengthening Bitcoin’s market position, the chances of a breakout rally remain plausible. If Bitcoin escapes the ascending triangle, its immediate target stands at $86,387, with the R2 pivot level at $90,200—representing a potential 9% surge.
#Bitcoin bull cycle is over, expecting 6–12 months of bearish or sideways price action. pic.twitter.com/f80bnNhjy4
— Ki Young Ju (@ki_young_ju) March 17, 2025
However, CryptoQuant CEO Ki Young Ju warns of a potential bear cycle, predicting 6 to 12 months of sideways or bearish price action. If Bitcoin fails to maintain support near $81,500, it could decline further to the S1 pivot support at $77,683, indicating a possible 6.5% drop.
Also Read: Is Bitcoin’s Bull Run Over? CryptoQuant CEO Warns of Bearish Trend Ahead
For now, Bitcoin’s fate hinges on whether bulls can sustain momentum or if bearish pressure prevails, pushing the leading cryptocurrency into a deeper correction.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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