Bitcoin: This Key Support Could Decide Near-Term Direction

In evaluating the movements of Bitcoin on different time frame charts, I find that despite showing weakness at the current levels, a reversal could be seen soon if it touches the recently tested support at $60,190 this week, if it follows the same slide in the daily chart.

Though, technical formations indicate that the short-term could be bearish due to its position below the significant support at the 200 DMA ($98,679) since the formation of a bearish crossover by piercing of 200 DMA by 100 DMA ($85,307), 50 DMA ($80,838), along with 20 DMA ($68,248) and 9 DMA ($67,540) have come below the 200 DMA, and the Bitcoin is currently trading even below the 9 DMA, which looks to be the immediate resistance.

I observed that the 9 DMA could turn upward, and if Bitcoin sustains at the current level, it will result in the formation of a ‘bullish crossover’ shortly, as a technical reversal is bound to be there, due to its extremely oversold position.

Undoubtedly, soon, inflationary pressure will decline slightly before the U.S. Federal Reserve’s next meeting on March 17-18, 2026, where the focus will remain on controlling inflationary pressure.

On Saturday, Bitcoin briefly dipped after U.S. President Donald Trump said he would raise a temporary global tariff rate to 15%, before stabilizing later in the session. Though it had edged up marginally earlier Sunday, as prices steadied following choppy trading a day earlier.

Now, the latest move has pushed Bitcoin back toward the lower end of its recently tested range between $67,779-$60,200 with price swings reflecting short-term adjustments rather than a decisive trend shift.

Undoubtedly, Bitcoin could continue to hover near recent levels as investors look for clearer macro signals to drive the next move.

In a weekly chart, Bitcoin is trading below the significant support at $69,143, and could find a sharp reversal soon, if it tries to test the next support at the 200 DMA ($58.365).

I observed that Bitcoin has slipped much below the “Handle” after completing the “Cup & Handle” formation on the weekly chart, as I discussed in my previous articleon Nov.19, 2025.

Disclaimer:Readers are advised to take any position in Bitcoin at their own risk, as this analysis is based only on observations.