Technical analysis by MARK_STEVAN about Symbol BTC: Buy recommendation (3/14/2025)

This Bitcoin (BTC/USD) price analysis on a 1-day timeframe (from Coinbase) includes key technical indicators:1. Double Top Formation – Marked at the resistance level, this pattern typically signals a potential price reversal. The price failed to break above this level twice before declining.2. Resistance Level – A trendline acting as a strong resistance, previously rejecting price movements. The chart suggests that Bitcoin needs to break through this level for further bullish momentum.3. Support Zones – Two green zones indicate key support levels where buying pressure has historically increased, preventing further declines.4. Projected Price Action – The analysis suggests a short-term decline towards support, followed by a bullish rebound. The price is expected to test resistance again and potentially break out toward $104,283.5. Volume Profile – The right side of the chart shows the volume traded at different price levels. Higher volume zones indicate strong areas of interest for buyers and sellers.Overall, this analysis suggests a temporary dip followed by a potential breakout to new highs, contingent on Bitcoin holding support and overcoming resistance.