{"id":190450,"date":"2021-02-27T19:00:00","date_gmt":"2021-02-27T16:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/is-bitcoin-at-risk-of-another-drop-below-40k-in-a-historically-corrective-march\/"},"modified":"2021-02-27T19:00:00","modified_gmt":"2021-02-27T16:00:00","slug":"is-bitcoin-at-risk-of-another-drop-below-40k-in-a-historically-corrective-march","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/is-bitcoin-at-risk-of-another-drop-below-40k-in-a-historically-corrective-march\/","title":{"rendered":"# Is Bitcoin at risk of another drop below $40K in a historically corrective March?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3c588a60108\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3c588a60108\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/is-bitcoin-at-risk-of-another-drop-below-40k-in-a-historically-corrective-march\/#Rejection_at_52000_indicates_further_weakness\" >Rejection at $52,000 indicates further weakness<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/is-bitcoin-at-risk-of-another-drop-below-40k-in-a-historically-corrective-march\/#The_bullish_structure_is_still_intact\" >The bullish structure is still intact<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/is-bitcoin-at-risk-of-another-drop-below-40k-in-a-historically-corrective-march\/#March_is_often_a_corrective_month\" >March is often a corrective month<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Is Bitcoin at risk of another drop below $40K in a historically corrective March? <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Bitcoin (BTC) has seen a corrective week as the price dropped from $58,000 to $44,000 in a matter of days. This dropdown caused a panic reaction across the markets as the euphoria was im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tely halted.<\/p>\n<p>For instance, the Crypto Fear and Greed Index plunged to monthly lows of 56 after being above 90, or &#8220;extreme greed&#8221; for an entire month.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/a1fbda07-751c-42f7-ae09-6580b2911334.png\"><figcaption style=\"text-align: center;\"><em>Crypto Fear &amp; Greed Index. Source: Alternative.me<\/em><\/figcaption><\/figure>\n<p>However, such a panic reaction is unwarranted because corrections <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ear frequently in a bull market as a &#8220;reset&#8221; before continuation. This is organic and healthy and offers a good opportunity for traders and investors to buy the dip.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Rejection_at_52000_indicates_further_weakness\"><\/span>Rejection at $52,000 indicates further weakness<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/f3a74403-e770-4bf4-bc31-fe3707a4b0e6.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 4-hour chart. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/fHfjodXI\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>The 4-hour chart shows an apparent downtrend since the previous high at $58,000. This high could be the top for the coming months, a period that may see a more prolonged correction.<\/p>\n<p>However, the price action since this top at $58,000 indicates weakness as every support level flips into resistance, indicating further weakness.<\/p>\n<p>The chart shows these flips, where the $55,000 level was the first one. After that, the price of Bitcoin dropped significantly to the support zone around $45,000. This support zone held and resulted in a strong bounce toward $52,000.<\/p>\n<p>But, unfortunately for the bulls, this level wasn&#8217;t broken and instead saw a rejection, confirming further weakness across the market and more downside for BTC price.\u00a0<\/p>\n<p>This now paints a clear picture of the critical levels to watch. Ideally, the support zone between $42,500-$44,000 has to hold for further upward momentum. If it fails, further weakness can be expected toward the $37,500-$39,000 level. <\/p>\n<p>But if the $42,500-44,000 support zone holds, higher prices can be expected once Bitcoin breaks above the resistance between $50,000 and $51,000.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_bullish_structure_is_still_intact\"><\/span>The bullish structure is still intact<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/0284ed6e-69fb-4352-a406-a47b806f4264.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-day chart. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/MbVIawa0\/\"><em>TradingView\u00a0<\/em><\/a><\/figcaption><\/figure>\n<p>While the lower timeframes indicate weakness for BTC\/USD, the higher timeframes suggest a healthy correction. The market construction is still very bullish, as the chart above shows.<\/p>\n<p>The previous top was at $42,000, after which the new support was established at $30,000. This last top was easily broken as Bitcoin\u2019s price accelerated to the $58,000 high. Hence, a correction to even $37,000 could be classified as healthy and organic in this type of bull market.<\/p>\n<p>Simply put, as long as BTC holds above the $30,000 low of January 2021, the market can be classified as bullish. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"March_is_often_a_corrective_month\"><\/span>March is often a corrective month<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/4bc1e208-2623-46ef-8922-4a962f100160.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>XBT\/USD 1-week candle chart. Source: Tradingview<\/em><\/figcaption><\/figure>\n<p>History shows that March isn\u2019t the most bullish month for the cryptocurrency market. In recent years, corrections have been seen in March. Specifically, corrections of 15%-60% happened in 2015, 2016, 2017, 2018, and 2020.<\/p>\n<p>The latest crash was caused by the Covid-19 pandemic and could be classified as a &#8220;black swan.&#8221; Nevertheless, corrections tend to happen in March and this year could also see another pullback. <\/p>\n<p>Therefore, corrections can last for several weeks and are frequently not completed in just one drop. Hence, a correction toward the $35,000-$40,000 is still on the table.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/c8604bf4-1f70-4b38-9480-b21b5d6b161a.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>XBT\/USD 1-week chart. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/x\/mAPGM6th\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>The primary indicator to watch for this is the 21-Week MA. Often, corrections tend to move toward this line as a key point for a potential reversal. Therefore, in the coming weeks, this 21-Week MA could provide support in the correction.<\/p>\n<p>Currently, the 21-Week MA is around $28,000, though this should climb up in the coming weeks toward $33,000-35,000.<\/p>\n<p><em>The views and opinions expressed here are solely those of the <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cryptomichnl?lang=en\"><em>author<\/em><\/a><em> and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.<\/em><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/is-bitcoin-at-risk-of-another-drop-below-40k-in-a-historically-corrective-march\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Is Bitcoin at risk of another drop below $40K in a historically corrective March? &#8221; Bitcoin (BTC) has seen a corrective week as the price dropped from $58,000 to $44,000 in a matter of days. This dropdown caused a panic reaction across the markets as the euphoria was immediately halted. For instance, the Crypto&#8230;<\/p>\n","protected":false},"author":1,"featured_media":190451,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDIvYzE3MGJlZjctYWYwYy00MDFjLWIyYWUtM2Q5MTVhNzM1OTBmLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74939,75164,73785],"class_list":["post-190450","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-market-analysis","tag-price-analysis","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/190450","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=190450"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/190450\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/190451"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=190450"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=190450"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=190450"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}