Bitcoin Prices Dip as Bulls and Bears Engage in Technical Tussle

On Thursday morning, March bitcoin futures prices declined slightly from the highs reached the day before. This followed a strong rally on Wednesday that saw the price climb to a two-week high.

The daily chart for bitcoin shows that the recent gains have put pressure on the downtrend line that had been in place. The Moving Average Convergence Divergence (MACD) indicator has produced a bullish signal, known as a crossover, which can be seen at the bottom of the chart.

Despite this positive development, bears still maintain control of the technical outlook for the near term. Wyckoff's Market Rating remains at 2.5 out of 10, indicating a moderate level of bearish sentiment.