Bitcoin Faces Crucial Levels in March, Analyst Highlights Support and Resistance Zones

The Bitcoin price has been facing challenges in breaking above $70,000 throughout February, leading some market analysts to speculate about the potential for a repeat of past performance. According to data from CryptoQuant, the BTC realized price is currently at around $54,600, which serves as a strong support region due to its reflection of the average cost basis of all Bitcoin in circulation.

The realized price has historically acted as long-term support during bear phases, and a break beneath this level can signal impending doom. However, when the Bitcoin price trades above this level, it is often seen as a sign of extant structural strength.

Market analyst Burak Kesmeci further highlights four resistance zones that could reject potential upward recovery in March. The first zone lies around $71,600, which represents the average price at which recent buyers entered the market. A breach beneath this level would signal significant resistance for recovery attempts towards this price level.

The Short-Term Holder Realized Price (STH RP) is around $90,800, and overcoming this level could signal a change in trend from bearish to bullish. However, Bitcoin's current trajectory remains bearish, and the cryptocurrency has yet to overcome these critical resistance levels before March can be considered pivotal for market participants.