Bitcoin (BTC) nudged upwards at the Wall Street open on March 31, as traders maintained a cautious stance regarding the short-term BTC price outlook. According to recent data, local highs reached $83,914 on Bitstamp, with BTC/USD gaining 1.5% for the day. As the quarterly candle close approached, Bitcoin experienced some much-needed support, even as US stocks began the day on a slower note. Market dynamics were still influenced by the imminent US trade tariffs set to take effect on April 2, while gold experienced a slight dip after hitting new all-time highs of $3,128 per ounce.
In the midst of the BTC price fluctuations, many market analysts advised prudence. A trader shared insights on their recent analysis of the BTC/USD 4-hour chart, noting the potential for a retest near the $84,000 level of interest. They referred to the relative strength index (RSI) while predicting a downturn towards the $80,000 range, emphasizing a breakdown and bearish retest on lower time frames. “The RSI is also testing the 50 mark with stochastics in overbought territory. The higher time frame also appears bearish,” they remarked.
Another trader and analyst provided additional context on RSI signals, indicating a support retest on daily charts following a significant breakout from a multi-month downtrend. They noted that if the RSI can effectively retest its downtrend as support, it would indicate emerging strength and could help prices break free from their current downtrend.
Earlier reports indicated a collection of BTC price indicators presenting a rather uninspiring outlook for the ongoing bull market, suggesting the possibility of continued correction. Price targets for BTC have now extended down to $65,000, with some prediction platforms forecasting even lower.
With both March and the first quarter showing less than favorable performance, BTC/USD was down 10.8% for the year-to-date at the time of writing and experienced a 1.1% decline in March, according to data from a monitoring tool.
In a recent analysis released on March 31, a prominent crypto exchange noted that 2025 marked Bitcoin’s worst first quarter in years. “Any buying momentum seems to be capped at the $89,000 level, which aligns with previous lows seen in December 2024 and serves as a strong resistance point for further increases,” contributors noted. This resistance coincides with broader declines in the equities market, with the S&P 500 closing the week down by 1.5%.
The report also pointed out the increasing correlation between Bitcoin and US stock prices, adding that despite recent turbulence, Bitcoin’s price action had settled into a consolidation range between $78,000 and $88,000. Notably, signs of capitulation appeared to be diminishing, with fewer reactive sellers and long-term holders starting to accumulate again.
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