On 20 February, in the note “BTC/USD Analysis: Are the Bulls Stirring?”, we outlined a broad descending channel and highlighted early signs of increasing demand near the $65,600 level.
Subsequent price action provided further grounds to suggest that, following the dramatic decline in Bitcoin’s price from its all-time high in October 2025 to the February low around $60,000, market sentiment has begun to shift. This was reflected in the fact that two attempts by the bears to resume the downward movement (as indicated by the arrows) were unsuccessful.
It is possible that the easing of bearish pressure gave bulls greater confidence at the beginning of March, resulting in notable progress. Yesterday, Bitcoin reached its highest level in a month.
Technical Analysis of the BTC/USD Chart
As shown on the chart, the bullish impulse at the start of March led to a breakout above the QL resistance line, as well as the psychological $70,000 level.
From a bearish perspective:
- → classic indicators added to the chart are showing signs of overbought conditions;
- → the median line (M) of the previously constructed channel may act as significant resistance.
From a bullish perspective:
- → rising trading volumes (highlighted by the arrow) represent a positive signal;
- → a sequence of higher highs and higher lows allows for the construction of a local ascending channel (shown in blue);
- → Bitcoin’s price behaviour following the early February panic resembles an Accumulation phase in Wyckoff methodology. If so, the early March rally may represent a Jump Over The Creek (JOC) pattern, signalling a potential transition into the Mark-Up phase.
Considering the above, it is reasonable to expect the formation of a pullback on the Bitcoin chart — for example, a move towards testing the support zone around the psychological $70,000 level.
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