The Bitcoin (CRYPTO:BTC) trades within a range that reflects past market structures, although the outcome may not follow the same path, according to trader Mayne.
Temporarily bullish bias, overall bearish
In a March 31 podcast, Mayne said Bitcoin could see a short-term relief rally toward $80,000. Nonetheless, it retains an overall bearish bias unless key resistance levels are reclaimed.
He pointed out that market sentiment tends to reverse incorrectly, bullish at highs and bearish at lows, which creates trapping opportunities on both sides.
Despite some signals that could support a temporary bullish move, such as being at the lower end of the range and liquidity sweeps, there are also conflicting indicators, which does not allow for a clear trade with a high degree of confidence.
Given the mixed signals and lack of high-confidence setups, Mayne said he remains largely in cash and is focused on preserving capital. His broader perspective is that Bitcoin has not yet bottomed and is likely to see lower prices later in the year, possibly in the fourth quarter.
Best Buying Zone Below $54,000
In a March 31 X post, CryptoQuant data explains that Bitcoin’s realized price of around $54,000 has historically functioned as a key “value zone.” Historically, these periods have often provided the best long-term buying opportunities for investors.
In a situation where the price falls to $54,000 or below, then these periods are the best places to buy spot and accumulate Bitcoin step by step. At this level, “Bitcoin is cheap compared to the market average,” CryptoQuant added.
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