Bitcoin’s Dramatic Plunge: Is It the End or Just the Beginning? 😱💸

by

On this fateful day of March 10, Bitcoin (BTC), that capricious creature of the digital realm, found itself once again grappling with the specter of its multimonth lows, as the familiar specter of selling loomed ominously over the commencement of Wall Street’s trading. Ah, the irony of fate! 🥴

BTC price sags closer to new four-month lows

According to the wise sages of CryptoMoon Markets Pro and TradingView, the BTC/USD pair had succumbed to a decline of approximately 4% on this day, reaching the disheartening figure of $79,170 on Bitstamp. Such is the fickle nature of fortune! 😅

As the week drew to a close, the weakness persisted, with risk assets across the board engaging in a hasty retreat to safety, as if they were fleeing from a bear in the woods.

Stocks, those once-mighty titans, fell dramatically at the open, with the S&P 500 and Nasdaq Composite Index plummeting by 2% and 3.5%, respectively. A veritable spectacle of despair! 📉

//s3.cointelegraph.com/uploads/2025-03/0195809b-1404-705f-87ae-15587bc6ab2e”/>

Kobeissi further lamented that the crypto markets had obliterated a staggering $1 trillion in market capitalization within a mere two months. A tragedy of epic proportions! 😱

“The rally following the announcement of the U.S. Strategic Reserve has been entirely erased,” they added, as if mourning a lost love.

Market participants, those brave souls, found themselves divided in their opinions, as uncertainty reigned over where the BTC price might find a more stable foundation.

The esteemed trader and analyst Rekt Capital advised his followers on X to seek out rising relative strength index (RSI) values amidst the lower prices, as if searching for a glimmer of hope in a darkened room.

“In the days to come, it will be prudent to observe Bitcoin forming Lower Lows in price action while Higher Lows emerge in the RSI, signaling a potential Bullish Divergence,” he wrote, casting a hopeful glance toward the daily timeframes.

Another post noted that the current bull cycle had produced bounces whenever the daily RSI dipped below 28. A curious phenomenon indeed!

Specifically, “Bitcoin’s price would either find its nadir or hover between -2% to -8% from a bottom,” he elucidated, as if revealing the secrets of the universe.

At the time of writing, the Daily RSI stood at a mere 33.2, a number that could inspire both hope and despair.

Bybit hack remains the elephant in the room

Meanwhile, the trading firm QCP Capital pointed an accusatory finger at the broader crypto market’s decline, linking it to the sell-offs stemming from last month’s notorious hack of the crypto exchange Bybit. A tale as old as time! 🐘

“Today’s price selloff may also be exacerbated by holders preemptively front-running further hacker-driven supply, now that the hackers have shown a willingness to cash out rather than risk further losses — having already witnessed their stolen assets depreciate

Read More

2025-03-10 18:29