Viewpoint: BTC has further upside potential in the short term, with key resistance at 84,000 USD

DeepFlowTech · 2026-03-17T10:39:58+00:00

BTC has upside potential in the short term, with key resistance around $84,000. The monthly Bollinger Bands are narrowing, signaling significant volatility ahead. Technical patterns show a breakout, trading above the moving averages at $68,000 and $70,900, with RSI in the bullish zone. However, selling pressure and short positions in the $83,000-$85,000 range could impact the rally.

DeepFlowTech

2026-03-17 10:39:58

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Deep Tide TechFlow News, March 17 — According to Cointelegraph, multiple technical and on-chain indicators suggest that Bitcoin (BTC) has further upside potential in the short term, with key resistance levels around $84,000.

BTC’s monthly Bollinger Bands are at their narrowest in history. Analyst Cantonese Cat notes that such extreme narrowing typically signals upcoming significant volatility. Meanwhile, BTC has broken above the upper boundary of a symmetrical triangle pattern (around $68,500), with a technical target of $84,500, approximately 14% higher than the current price. BTC has also regained above the 200-week exponential moving average ($68,000) and the 50-day simple moving average ($70,900). The Relative Strength Index (RSI) stands at 60, indicating a bullish zone.

On-chain data shows that, according to Glassnode’s cost basis distribution heatmap, the $83,000 to $85,000 range has accumulated about 898,000 BTC, accounting for roughly 4.4% of the current total supply. This zone presents significant selling pressure. Analyst Michael Nadeau points out that this range coincides with the short-term holders’ cost basis, suggesting that the recent rebound is likely to face resistance at this level. Additionally, order book liquidity data indicates a large concentration of short positions around $82,000.

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