Technical analysis by parraggon about Symbol BTC: Sell recommendation (3/8/2025)

Technical Analysis:Bitcoin is currently trading within a descending channel, struggling to break above resistance. The price has rejected the upper boundary and could continue its downtrend toward $72,000 - $73,000 if support around $83,000 fails.Key observations:•Lower highs & lower lows confirm a bearish structure.•A break below $83,000 - $82,000 could accelerate selling pressure.•The next major support zone is $72,000 - $73,000.Fundamental Analysis – Institutions and Governments Increasing Reserves:•The U.S. government now holds around 200,000 BTC (~$17 billion), primarily seized from criminal cases. Their decision to maintain these holdings instead of liquidating suggests a potential shift in long-term Bitcoin adoption.•MicroStrategy continues to accumulate BTC, now holding 423,650 BTC (~$42.43 billion), reinforcing corporate adoption of Bitcoin as a treasury asset.•Coinbase now custodies 12% of the total Bitcoin supply, making it the largest Bitcoin custodian. This highlights institutional confidence in Bitcoin’s long-term value.•Despite these bullish fundamentals, ETF inflows have slowed down, and macroeconomic uncertainty (such as potential Fed rate hikes) could put pressure on Bitcoin in the short term.