Bitcoin prices continued to withdraw during the fall weekend at just over $ 80,000 on March 10 in what an analyst described as a “ugly start”.
“It seems that Bitcoin (BTC) withdraws $ 78,000,” said Arthur Hayes, co-founder of Bitmex and Maelstrom investment director, after the drop in assets. “If he fails, $ 75,000 is the next in the reticle,” he added.
He also observed that there were many bitcoin options, an open interest is zero in the range of $ 70,000 to $ 75,000. “If we are entering this range, it will be violent,” he said.
Open interest is the notional number or value of BTC options which have not yet expired. According to DRIBIT data, there are $ 696 million at the OI at the exercise price of $ 70,000, $ 659 million at $ 75,000 and $ 680 million at $ 80,000 while derivative speculators are short of the assets.
Bitcoin plunged more than 5% in the last 24 hours, reaching $ 80,124 before a minor recovery to exchange $ 81,395 at the time of the editorial staff.
The price of Bitcoin has decreased in the last 24 hours. Source: tradingView
The asset was extremely volatile during the past fortnight, bouncing between $ 80,000 and $ 95,000 on various information reports related to commercial prices and white house cryptography announcements.
At the end of January, Hayes predicted that Bitcoin would return to $ 75,000 before reaching $ 250,000 this cycle. “At least my prediction could be false. I hope I am wrong, “he said at the time.
A month later, he said that a “city of Gobelin” from Bitcoin was coming, predicting that the asset could fall to $ 70,000 while the great hedge funds destroy their ETF positions. The asset fell to its lowest level in 2025 on February 28 when it plunged into the $ 78,000 zone, and it seems to return.
The market company 10x Research called it as a “manual correction” in a note on March 10.
“With Bitcoin which plunges below $ 80,000, around 70% of all sales came from investors who bought in the last three months,” noted the analysts before adding that this highlights “the domination of recent participants who were selling panic in the decline.”
In relation: Bitcoin slides another 3% – Is the BTC price directed to $ 69,000 then?
Meanwhile, the Bitcoin Fear & Greed index fell into “Extreme Fear”, with a reading of 20 on March 10.
Volatility can continue this week because two key inflation reports are due to the United States, which could influence the monetary policy of the Federal Reserve if inflation continues to increase.
It sometimes happens that Canada responded with its own reprisals rates while the Liberal Party elected a new president, former central banker Mark Carney. In his victory speech on March 9, Carney attacked Trump, who imposed prices in Canada, declaring: “The Americans should not be mistaken … in trade, as in hockey, Canada will win.”
Review: The chances of bitcoin of the peaks of June, outings of $ 485 million in ground, and even more: Hodler’s Digest
