Bitcoin’s Dramatic Plunge: Is $75,000 the New Black? 💸😱

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Oh, darling! Bitcoin has taken yet another nosedive, plummeting a delightful 4.5% to a rather dismal $80,350. Just as we were preparing for the US CPI data release this week, the market sentiment has turned as gloomy as a rainy day in London. In the last 24 hours, the crypto market has lost a staggering $170 billion of investors’ wealth. Analysts are predicting more heartache ahead—how positively thrilling! 🎭

Will Bitcoin Price Crash to $75,000?

Our dear Bitcoin is once again under the heavy hand of selling pressure, facing a rather rude rejection at $92,500 and extending its weekly losses to a staggering 11.15%. The ever-popular crypto analyst, Ali Martinez, has noted that over $1 billion in Bitcoin (BTC) long positions were liquidated today. Oh, the drama! This massive liquidation is a testament to the intense volatility currently plaguing our beloved cryptocurrency sector. 🥂

Bitcoin Forms a Bearish Pennant Says Peter Brandt

Veteran trader Peter Brandt has graced us with his technical analysis, suggesting that the recent Bitcoin price action confirms a rather bearish outlook. In his latest chart structure, Brandt has identified three critical developments that hint at further downside pressure. How riveting!

  1. The market completes a double top—how original!
  2. The top is retested by a pennant—how quaint!
  3. The pennant is completed, confirming a bearish chart for Bitcoin (BTC)—how utterly predictable!

The analysis highlights a double top formation with peaks reaching approximately $108,100, followed by a bearish pennant pattern. According to Brandt, Bitcoin made a “deep retest” of its previous high near $95,321 before breaking down through the pennant formation. How utterly tragic!

The chart also indicates that Bitcoin found temporary support at $81,513 following the breakdown, but the completion of the bearish pattern suggests further downside potential. Former BitMEX CEO Arthur Hayes also believes that there could be more pain left ahead for BTC. He wrote:

“An ugly start to the week. Looks like $BTC will retest $78k. If it fails, $75k is next in the crosshairs. There are a lot of options OI struck $70-$75k; if we get into that range, it will be violent.” How charmingly dramatic! 🎭

Will BTC Enter Bear Market After US CPI?

Several market analysts are convinced that Bitcoin is finally entering a bear market, as market sentiment deteriorates despite the launch of the Bitcoin Strategic Reserve. Furthermore, this initiative has revealed an apparent lack of intent to purchase anything beyond seized BTC. How positively scandalous!

On the other hand, institutional demand for Bitcoin has dried up significantly, as evidenced by the massive outflows from Bitcoin ETFs. Between March 3 and March 7 (ET), Bitcoin spot exchange-traded funds (ETFs) experienced significant outflows, signaling waning investor sentiment in the market. Data shows a net outflow of $799 million during this period, with Fidelity’s Bitcoin ETF (FBTC) accounting for $201 million of the total. How utterly shocking! 😱

All eyes will be on the US CPI data for February coming this week, ahead of March 12. February’s U.S. consumer price data is expected to reflect gradual progress in controlling inflation, a key concern for Federal Reserve policymakers. The central bank may opt to maintain a cautious stance, monitoring the broader economic landscape amid evolving fiscal policies. How delightfully tedious!

According to projections, the Consumer Price Index (CPI) excluding food and energy likely increased by 0.3%, as per a Bloomberg survey of economists. How positively riveting!

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2025-03-10 08:26