Bitcoin’s Dramatic Plunge: Will It Ever Rise Again?

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Ah, the new week has graced us with its presence, and what a delightful spectacle it is! The market, dear friends, is in a delightful state of disarray, as reported by our ever-reliable CoinMarketCap. 🎭

BTC/USD

Our dear Bitcoin (BTC) has taken a rather unfortunate tumble, declining by a charming 3.55% over the last day. One can only imagine the drama! 💔

On the hourly chart, it appears that BTC is rather dramatically breaking through the local support of $80,190. If the daily bar decides to close below that rather significant mark, we might just be in for a riveting correction down to the $78,000 area. How thrilling! 🎢

Now, if we gaze into the crystal ball of the bigger time frame, one must keep an eye on the interim level of $78,197. Should it decide to break out, traders may find themselves witnessing a delightful test of the $75,000 range by the end of this month. What a cliffhanger! 📉

From a midterm perspective, it seems our dear Bitcoin has yet to offer any reversal signals. If the buyers don’t muster the courage to seize the initiative soon, and the price settles below $80,000, we might just be in for a continued descent to the $70,000 mark. How positively riveting! 🎩

As of this very moment, Bitcoin is trading at a rather precarious $79,880. Hold onto your hats, darlings! 🥳

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2025-03-10 18:43