On the night of March 10, the price of the leading cryptocurrency neared the $80,000 level. The cryptocurrency fear and greed index dropped to 20.
Over the past day, digital gold has depreciated by 4.3%. At the time of writing, the asset is trading around $85,700.
The reaction of most leading altcoins to the flagship’s price movements was more pronounced. Ethereum’s price tested $2000. Over 24 hours, the second-largest cryptocurrency by market capitalization fell by 5.2%. Dogecoin dropped by 8.5%, and Cardano by 8.2%.
The market capitalization decreased by 5.8% to $2.795 trillion.
The daily liquidation volume approached $620 million, with a significant bias towards longs.
According to BitMEX co-founder Arthur Hayes, there is a high probability that Bitcoin will retest $78,000. In this scenario, the next target would be $75,000, the expert believes.
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. pic.twitter.com/q4cq0rthGJ
— Arthur Hayes (@CryptoHayes) March 9, 2025
He also noted that a significant volume of open positions in Bitcoin options is concentrated in the $70,000-75,000 range.
“If we get into this range, it will be tough,” the expert concluded.
WhaleWire founder and CEO Jacob King believes a bear market has arrived.
JUST IN: #Bitcoin plunges below $80,000.
— $5+ billion in longs liquidated in just 4 days.
— BTC is down nearly -30% from January.
— BTC Strategic Reserve not what bulls wanted.
— Price broke 200-day average, very bearish.
— Institutional demand gone, record ETF outflows.
— El… pic.twitter.com/EZvMwkxOCa— Jacob King (@JacobKinge) March 9, 2025
Among the main negative factors, he cited:
- Bitcoin’s drop of nearly 30% from January levels;
- liquidation of long positions amounting to over $5 billion in the past four days;
- market participants’ disappointment regarding the US crypto reserve;
- decline in institutional demand, reflected in record ETF outflows.
CEO of Swan Bitcoin, Cory Klippsten, is confident that Bitcoin trading below $100,000 signals a pause in the bull rally.