# Technical Analysis - March 4, 2025

Bitcoin currently trades at $66,331, sitting precariously beneath all three moving averages in a clear bearish configuration. Price is well below the MA(10) near $69,500, with the MA(20) around $87,000 and MA(30) near $92,000 — all three MAs remain in descending order and fanning apart, confirming sustained downtrend structure. The recent price action shows a failed bounce attempt from the late-February lows near $77,000, followed by renewed selling pressure. The candlestick pattern reveals lower highs and lower lows, with overhead resistance firmly established at the $85,000–$87,000 zone where the MA(20) now resides. Immediate support sits at $62,000–$60,000, a critical zone to watch.

Volume has spiked notably in recent sessions, particularly visible on the far right of the chart, indicating heightened selling activity and capitulation behavior. This volume surge accompanies the sharp price decline, confirming genuine distribution rather than low-conviction drift. When volume expands during downtrends, it typically validates the move, suggesting more sellers are entering the market. The lack of a corresponding volume spike on any recent bounce attempts further underscores weak buying interest at current levels.

Both PPO indicators remain deeply negative. The long-term PPO (21,34,0) sits at approximately -4.6, deeply entrenched below the zero line with no sign of turning, indicating the longer-term momentum remains firmly bearish. The short-term PPO (5,13,0) reads around -0.8, also below zero and trending downward after a brief attempt to cross upward in late February failed. Neither oscillator shows bullish divergence against the price low, meaning momentum is confirming the price weakness rather than hinting at reversal. Both PPOs have significant distance to travel before reaching neutral territory. The StochRSI (14) currently reads at 0.84, hovering near the midpoint — it recently dropped from overbought levels above 0.8 during the failed bounce and has now rolled over, suggesting renewed downside momentum. The indicator has room to fall into oversold territory below 0.2, which historically has marked near-term exhaustion points, but we're not there yet.