Bitcoin has fallen below $80,000 in price on 10 March, according to an analyst. “ugly start” This week is a holiday.
What looks like Bitcoin?BTCArthur Hayes, chief investment officer of Maelstrom and BitMEX founder Arthur Hayes said on X that the asset will retest at $78,000 following its decline. “If it fails, $75,000 is next in the crosshairs,” He added.
The Bitcoin option interest was also sucked in the range of $70,000-$75,000, he said. “If we get into that range it will be violent,” “He said”
The open interest of BTC option contracts is their number, or the notional value. Deribit explains that open interest is the number or notional value of BTC options contracts which have yet to expire. dataAs derivatives investors bet on shorting the asset, 696 millions of dollars are in OI with a $70,000 strike, followed by $659 at $75,000 or $680 at $80,000.
Bitcoin fell more than 5% in the last 24 hours. It hit $80,124, before making a slight recovery, trading at $81,395 as of the writing.
Source: TradingView. Bitcoin has fallen in the last 24 hour. Source: TradingView
This asset was extremely volatile in the past two weeks, fluctuating between $85,000 and $95,000 due to various news reports on trade tariffs and White House. crypto announcements.
Hayes, in late January, predicted Bitcoin’s return to $75,000. “At least my prediction could be wrong. I hope I’m wrong,” He said it at the time.
One month later, the same man said he had a Bitcoin “goblin town” Was coming? predicting As hedge funds liquidate their ETFs, the asset’s value could drop to $75,000 or even lower. It appears that the asset is heading to $78,000, its previous low for 2025.
It was branded by the market research company 10x Research. “textbook correction” A note dated March 10,
“With Bitcoin dipping below $80,000, approximately 70% of all selling came from investors who bought within the last three months,” This is what analysts have noted. “the dominance of recent entrants panic-selling into the decline.”
Related: Bitcoin slides another 3% — Is BTC price headed for $69K next?
Meanwhile, the Bitcoin Fear & Greed Index has fallen back You can also read more about “extreme fear,” On March 10, a 20 was recorded.
Bitcoin Fear and Greed Index stands at 20. Extreme Fear
Current price: $80,602 pic.twitter.com/f5W1p1kbNE— Bitcoin Fear and Greed Index (@BitcoinFear) March 10, 2025
Two important reports on inflation are expected in the United States this week. If inflation increases, it could affect Federal Reserve’s monetary policy.
Mark Carney, a former head of the central bank in Canada, was elected as president by the Liberal Party. Canada responded to this with its own retaliatory duties. Carney said in his March 9 victory speech that Trump had imposed tariffs upon Canada. “Americans should make no mistake … In trade, as in hockey, Canada will win.”
Magazine: Bitcoin’s odds of June highs, SOL’s $485M outflows, and more: Hodler’s Digest
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Source: cointelegraph.com
