Bitcoin’s Wild Ride: Will It Soar or Sink? 🚀💔

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Ah, Bitcoin (BTC), that capricious creature of the digital realm, begins the second week of March at a rather gloomy crossroads, as if it had just stepped into a particularly dreary pub where the only drink on offer is disappointment.

  • Traders and analysts, those brave souls who peer into the murky depths of market trends, seem to agree that a $78,000 retest is as inevitable as a cat knocking over a glass of water. BTC/USD has just sealed its worst-ever weekly candle, and it’s not even a scented one!

  • With CPI and PPI looming like a bad hangover, markets are entering a broad risk-off phase, and stocks’ futures are tumbling faster than a clumsy juggler at a circus.

  • How low can Bitcoin go? Well, the old all-time highs of $69,000 from 2021 are back on the menu, and it seems the market is hungry for a second helping!

  • Sentiment is on the floor, and not just in crypto — it’s practically doing the limbo! But not everyone believes the situation is as dire as a cat in a dog park.

  • Whales have been buying throughout the past week, indicating a solid risk-return basis at current price levels. Perhaps they know something we don’t, or maybe they just enjoy a good bargain.

BTC price dives 14% in a week

Diving to $80,000 into the weekly close, Bitcoin’s latest weekly candle stands out for all the wrong reasons, like a clown at a funeral.

In US dollar terms, BTC/USD has shed more value in seven days than a magician’s rabbit disappearing into thin air, according to the wise sages at CryptoMoon Markets Pro and TradingView.

So far, bulls have narrowly avoided a rematch with multimonth lows from late February, but among some Bitcoin traders, the mood is predictably cautious, like a cat eyeing a cucumber.

“Bitcoin is back in the critical zone of the weekly parabolic trend,” popular analyst Kevin Svenson wrote in part of his latest analysis on X. 

“We are still holding the current lows of last week, no new low has been created yet. This is $BTC’s last chance to maintain an exponential higher low.”

Trader SuperBro, meanwhile, has joined the ranks of those preparing for a $78,000 rematch, armed with nothing but hope and a questionable strategy.

“Closed above the prior candle’s low and 50% level, but cracked the uptrend from Oct ’23,” part of a reaction to the weekly close stated.

“A candle like that rarely turns on a dime, so despite bullish divergences on the LTF I’m prepared for a sweep of the lows.”

Others sought more data to confirm a truly bearish breakdown, as if data could somehow be a comforting blanket in this storm of uncertainty.

“Are we in a bear market now? Simply no. There isn’t enough confluence to confirm that at all,” popular trader CrypNuevo argued in a dedicated X thread.

Even for him, however, new lows were on the cards, with the area around $77,000 particularly important, like a secret club that only the cool kids know about.

“We can see some liquidations exactly at $77k in HTF, although they are not as reliable as LTF liquidations,” he continued.

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2025-03-10 11:31