- Technical Outlook: Facing rejection near the upper supply zone:

Bitcoin's price rose to a three-month high of $82,850 mid-week, but encountered resistance near the key 100-week exponential moving average at $82,446, which acted as a supply barrier. Despite this pullback, Bitcoin still maintains slight weekly gains as of the time of writing this report on Friday.

If the Bitcoin correction continues, the decline could extend toward the key psychological support level at $80,000. A drop below this level could lead to a retracement toward the 61.8% Fibonacci correction level at $78,490 (derived from the all-time high in October at $126,199 down to the February low at $60,000).

Momentum is mixed but improving, with the Relative Strength Index (RSI) on the weekly chart hovering near a neutral 48, while the Moving Average Convergence Divergence (MACD) remains strongly positive, indicating that bullish pressure is attempting to reassert itself despite recent consolidation.

Weekly BTC/USDT Chart

On the daily chart, the cryptocurrency king was rejected by the 200-day exponential moving average at $82,049, which nearly coincides with the 100-week EMA at $82,446 as noted above.

Bitcoin shows a short-term bullish trend, with the price above the 50-day and 100-day exponential moving averages, consolidating around $75,300 - $76,300, and above the 50% Fibonacci retracement level (drawn from the January high to the February low) at $78,962.

However, the crypto king is constrained by the horizontal barrier at $80,000, while the 200-day EMA at $82,049 and the 61.8% Fibonacci level at $83,437 form a broader resistance zone above.

Momentum remains positive, with the RSI near 59 and the MACD still slightly positive, indicating buyers are still in control but with waning follow-through.

On the downside, initial support now aligns with the 50% Fibonacci retracement level at $78,962, ahead of a dense demand zone where the 100-day EMA at $76,246 converges with the previous channel top near $75,680, and the 50-day EMA at $75,324.

Breaking this zone could lead to deeper rebounds toward the 38.2% Fibonacci level at $74,487, then the 23.6% Fibonacci level at $68,950. Continued trading above $80,000 would open the way toward the 200-day EMA at $82,048 and resistance at $84,410, with the January high near $97,924 remaining a key bullish target.

Daily BTC/USDT Chart
$BTC