- Bitcoin price is hovering near $68,500 but saw intraday lows at $68,000.
- Analysts say the textbook buying signal is starting to flash.
- Bulls could target $75,000 to $80,000 next.
Bitcoin continues to face headwinds, with continued tensions in the Iranian conflict key to the macro outlook.
Although the cryptocurrency fell to nearly $68,000 amid stock market declines, analysts are pointing to a potential mixed signal as they anticipate a new high for BTC.
The leading digital asset traded at around $68,500 in early trading on Friday, with slight gains coming amid relief for US stock futures.
The rise in risky assets came after President Donald Trump extended the deadline for possible strikes on Iran’s energy infrastructure by ten days.
BTC is now looking to pull back towards $69,000, indicating potential stability.
Santiment says BTC is flashing a textbook buy signal
Bitcoin’s $68,000 retest is consistent with what on-chain analytics firm Santiment highlighted as an increase in retail downside.
However, it is this outlook that analysts say could be considered a classic contrarian indicator.
Social media chatter shows that the masses are amplifying Fear, Uncertainty, and Doubt (FUD) around Bitcoin and altcoins, with sentiment reaching lows not seen recently.
Why does this matter?
According to Santiment, cryptocurrency prices often defy public narratives.
The company notes that “historically, prices move opposite to what the public is promoting.”
This means that the current rise in pessimism could be considered a strong buy signal.
It’s a paradoxical outlook as bearish talk highlights potential bottoms, while bullish retail rhetoric often points to tops.
Optimistic terms such as bounce, recovery, accumulation or buy usually indicate a selling opportunity, Santiment says.
Meanwhile, mass chatter dominated by words like pullback, pullback or bloodbath often signals a buying opportunity.
🗣️ The retail crowd is showing signs of a more and more bearish trend, expressing FUD towards Bitcoin and cryptocurrencies. Historically, prices move opposite to what the crowd is trading, causing the chart below to reveal a stronger buy signal. When you see an encryption letter with:
🔴 Words like… pic.twitter.com/rpgmtSz2Q2
— Santiment (@santimentfeed) March 27, 2026
Technical analysis of Bitcoin price
Over the past 24 hours, Bitcoin’s price movement has mirrored broader market volatility.
The asset fell to intraday lows near $68,500, retreating to weekly support levels and turning the $72,000-75,000 range into a massive supply zone.
Current price levels are witnessing a weekly decline of 4%, reflecting investor caution.
From a technical perspective, Bitcoin is offering a bullish setup amid the pullback.
The weekly RSI fell into oversold territory, indicating exhausted selling. The support at $68,000 corresponds to the 200-week moving average, an area of accumulation and previous resistance.
The MACD indicator shows that the histogram is flattening and there is a signal of a bullish crossover.
On the upside, a retest of $70,000 brings $72,000 into view.
In the short term, the $75,000 supply zone could limit bulls’ action – unless they break the level with increased volume amid de-escalation news. The broader outlook points to $80,000 as a target for the bulls.
On the downside, bears might fancy $65,000. However, they are facing a strong support base near the $60,000 level.
