The price of Bitcoin continues to be traded just more than $ 80,000 as of March 10 by making a challenging start next week. Bitmex Founding Partner Arthur Hayes said Bitcoin could soon test $ 78,000 and would be the next target of $ 75,000 if this level was broken. Hayes pointed out that there are large amounts of Bitcoin open positions in the range of 70,000-75,000 dollars, emphasizing that the volatility may increase if the price enters this region and that more liquidation may occur.
5 billion dollars deleted in four days
The last decline in Bitcoin has led to the liquid of more than $ 5 billion in just four days. Bitcoin, which fell approximately 30 %from the summit in January, increased concerns that there may be more losses by declining below the critical 200 -day moving average. Many investors in the market hoped that the BTC strategic reserve attempt would increase confidence, but this step did not create the expected effect. At the same time, large investors continue to attract a record -level funds from Bitcoin ETFs, which shows that corporate demand is weakened.
According to the analysis by 10x Research, the current decrease in Bitcoin points to a natural withdrawal after a large rally, a known, known correction in accordance with expectations ve and. According to analysts, 70 %of sales makers have purchased Bitcoin in the last three months and now constitute new investors who are going to sale with panic. In recent weeks, Bitcoin has followed a wavy course between 80,000 and $ 95,000, depending on economic and regulatory developments.
Investor sensitivity is gradually weakening. The Bitcoin Fear and Freediness Index fell to the level of 20 and entered the “extreme fear” zone. At the same time, the decrease in transaction volume shows that the interest rate at the current price levels is reduced. In addition to the market, it was reported that El Salvador has stopped its projects related to Bitcoin as a negative development. This decision of the country makes the general appearance on the market further weaken.
Critical for the next days for Bitcoin price
Volatility in Bitcoin is expected to continue this week. The two critical inflation reports from the USA may affect the Fed’s monetary policies. If inflation continues to be high, the Fed’s strict stance can create more pressure on risky assets such as Bitcoin. On the other hand, global trade tensions also make investors uneasy. Canada’s retaliation against the new customs tariffs of Canada made global markets even more uncertain.
Crypto analyst Jacob King stressed that with the fact that Bitcoin decreased below $ 80,000, more than $ 5 billion in four days has been erased. Bitcoin, which lost approximately 30 %from the summit in January, fell below the 200 -day moving average and reinforced the decline tendency. While the BTC strategic reserve attempt cannot create the expected purchase interest, the interest of corporate investors continues to decrease.
It will be a critical turning point whether Bitcoin can maintain $ 80,000. If the price is stable, a recovery may be seen, but a new decrease up to $ 70,000 may be possible if the support levels are broken. Considering decreasing corporate demand, increasing liquidations and global economic uncertainties, investors should be prepared for more volatility in the coming days.
