In the grand theater of Bitcoin (BTC), the bulls, with their valiant hearts, endeavored to breach the lofty heights of $85,000. Yet, the bears, those grumpy guardians of the downtrend, stood resolute, arms crossed and smirking. A flicker of hope, however, glimmers in the shadows: the larger investors, those wise old owls, are quietly accumulating at lower levels, perhaps plotting their next move.
According to the oracle Santiment, a post on X revealed that wallets boasting 10 BTC or more have gobbled up approximately 5,000 Bitcoin since the fateful day of March 3. If this buying spree by the big players persists, the latter half of March might just surprise us, like a cat that suddenly decides to take a bath.
But hold your horses! Not everyone is donning rose-tinted glasses regarding Bitcoin’s near future. Arthur Hayes, the BitMEX co-founder and chief investment officer of Maelstrom, took to X to warn that Bitcoin might just revisit the $78,000 mark, or even dip below $75,000. Oh, the drama!
He ominously added that if Bitcoin’s price decides to tango in the $70,000 to $75,000 range, we might witness a price action so violent it could make a bull in a china shop look like a ballet dancer.
Meanwhile, the sentiment among short-term investors remains as gloomy as a rainy Monday. CoinShares data reveals that cryptocurrency exchange-traded products (ETPs) experienced a staggering $876 million in outflows last week, bringing the four-week total to a jaw-dropping $4.75 billion. Bitcoin ETPs, the drama queens of the group, accounted for a hefty $756 million of that.
So, can Bitcoin rise from the ashes like a phoenix, pulling its altcoin friends along for the ride? Let’s dive into the charts and find out!
S&P 500 Index price analysis
The S&P 500 Index (SPX) took a nosedive from the 20-day exponential moving average (5,900) on March 3, breaking below the 5,773 support on March 6, completing a double-top pattern. Talk about a dramatic exit!
On March 7, the index attempted a bounce off the 5,670 level, but the bears, ever vigilant, successfully defended the breakdown level of 5,773. The index then turned down, breaking below the 5,670 support on March 10, opening the floodgates for a potential plunge to 5,400. Hold onto your hats!
Buyers must rally and sustain the price above 5,773 to suggest that demand is alive and kicking at lower levels. If they succeed, the index could rise to the 20-day EMA, which is expected to act as a formidable resistance. A true test of wills!
US Dollar Index price analysis
The US Dollar Index (DXY) took a sharp turn downwards on March 3, continuing its descent and breaking below the 105.42 support on March 5. Ouch!
This fall below 105.42 suggests that the breakout above 108 may have been nothing more than a bull trap. Buyers are valiantly trying to defend the 103.73 level, but the relief rally is expected to face selling at the 20-day EMA (106.03). The struggle is real!
If the price turns down from the current level or the 20-day EMA, it will suggest a negative sentiment, increasing the risk of a break below 103.37. If that happens, the index may plunge to 101. The stakes are high!
Buyers have a Herculean task ahead. They must push and maintain the price above the 20-day EMA to clear the path for a rally to 108. Can they do it?
Bitcoin price analysis
BTC price broke below the support
Read More
- NYM PREDICTION. NYM cryptocurrency
- COW PREDICTION. COW cryptocurrency
- INJ PREDICTION. INJ cryptocurrency
- ONT PREDICTION. ONT cryptocurrency
- IP PREDICTION. IP cryptocurrency
- ZK PREDICTION. ZK cryptocurrency
- PSP PREDICTION. PSP cryptocurrency
- HBAR PREDICTION. HBAR cryptocurrency
- EUR INR PREDICTION
- TRU PREDICTION. TRU cryptocurrency
2025-03-10 19:55