The Bitcoin bounce to $85,000 on Feb. 28 had traders hopeful that a bottom was in could be in peril after BTC (BTC) struggled to secure a higher high candlestick for the daily close.
Data from TRDR.io shows Bitcoin received a strong spot bid at Coinbase as the price fell to a 2025 low at $78,300, but what is yet to be seen is whether or not bulls will be able to provide enough purchasing volume to sustain their current momentum.
BTC/USDT 1-day chart. Source. TRDR.io
Crypto trader Magus suggested that the most likely path forward for Bitcoin is range building in the $72,000 to $85,000 range for a number of weeks.
In a post on X, Magus shared the following chart and said,
“Expecting BTC to build a range like this now.”
BTC/USDT 1-day chart. Source: Magus / X
In addition to the absence of strong spot demand, trader Horse added that Bitcoin returns through the weekend could trend down based on traders’ interpretation of…
