Weekly price analysis: Bitcoin finds support at $77k, but sentiments remain weak

• Crypto prices pared losses last week as Bitcoin found support at the $77,000 level after falling from $95,000 the previous week.
• However, prices still trend lower in intermediate time frames as the crypto and stock markets are roiled by tariff-driven trade uncertainty.
• Meanwhile, ETFs have logged outflows for three consecutive weeks as investors de-risk their portfolios.

Bitcoin

Bitcoin’s price action moved positively over the week ending Friday, March 14, closing around $82,000 after reaching a low of $76,577 on Tuesday, March 11.

However, sentiments remain weak as data from the Bitcoin Fear & Greed Index shows that the market is still fearful and while price action has been positive over the last few trading days, the intermediate time frames (4h and 1h) structures are still bearish.

Zooming out, the market structure shows that, despite the recent bearish price action, Bitcoin is still bullish on larger time frames since breaking above $74,000 in November 2024. However, price could fall further to retest the $74,000 level.

Meanwhile, open interest at the CME where Bitcoin futures contracts are most traded shows that the volume of open contracts picked up last week, after a dip on March 10, in line with price increases, suggesting that most of these new contracts were long.

Outlook

Global markets still face uncertainty as tariffs are set to be implemented on April 2 and Bitcoin sentiments remain in the fear zone. While Bitcoin’s price did not break below the $77,000 support, it has also not swung above local highs.

BTC trades at $83,083 as of publishing.

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