After a positive start to the week, Bitcoin price reverted to negative returns after BTC (BTC) dropped 3.5% to an intraday low of $84,120 on March 28. The price rejection occurred at the cusp of the descending trendline (black) and the upper range of the ascending channel pattern.
Bitcoin 1-day chart. Source: Cointelegraph/TradingView
On the daily chart, BTC is currently below the 200-day exponential moving average (EMA) again, and a potential close below the key indicator might trigger further downside.
Global liquidity expansion could help Bitcoin price
Recent analysis from macroeconomic market analyst Capital Flows pointed out that Bitcoin could correct to the $72,000-$75,000 region if liquidity conditions remain unchanged.
Macro liquidity refers to the total capital available in the financial system that can easily flow into risk-on assets like equities and crypto but is influenced by factors like interest rates, US Federal Reserve policies and