Bitcoin nears $78K lows as US stocks dive at the Wall Street open

Bitcoin (BTC) looked for a revenge match with multimonthe stockings on March 10 while the familiar sale accompanied the start of Wall Street trading.

The BTC prices are displayed closer to the new four months low

Cointelegraph Markets Pro and TradingView data showed BTC / USD down approximately 4% during the day to reach $ 79,170 on Bitstamp.

The weakness of the weekly fence continued while risk assets at all levels have suffered a flight to security.

The shares have dropped considerably at the opening, with the composite index S&P 500 and Nasdaq down 2% and 3.5%, respectively.

Reacting, the commercial resources Kobeissi’s letter said that reductions in the US government spending in the hands of the Government Ministry (DOGE) played a role in the crisis.

“While everyone focuses on the trade war, do not reduce the impact of the reduction in expectations of public spending,” he wrote in part of his latest analysis on X.

“Public spending and employment growth have” fueled “the economy. Doge cuts will be felt.

Kobeissi noted that cryptographic markets had erased $ 1 billion of market capitalization in just two months.

“The rally after the announcement of the American strategic reserve has been completely deleted,” he added on BTC / USD.

The opinions of market players were mixed because it did not know where BTC price action could put in a more reliable floor.

The popular merchant and analyst Rekt Capital advised X subscribers to find the increase in the values ​​of the relative force index (RSI) compared to prices lower than inversion signals.

“In the future, it is worth monitoring Bitcoin to train lower stockings on the action of higher prices and stockings on the RSI for a bullish divergence to develop,” he wrote on daily deadlines.

Another article noted that the current bull cycle had produced rebounds each time the daily RSI was less than 28.

More specifically, “the price of bitcoin would be either below or is between -2% and -8% of the bottom,” he explained.

Daily RSI was 33.2 at the time of the editorial staff.

Bybit hacking remains the elephant in the room

Elsewhere, the commercial company QCP Capital has broken the blame for the wider drop in the cryptography market on sales linked to the hacking of Crypto Exchange last month.

In relation: Larger candle every red week of all time: 5 things to know in Bitcoin this week

“Today’s prices sale can also be exacerbated by pre-emption of the pirate supply preventively, now, now that the pirates have shown the desire to withdraw rather than risk new losses-after having seen their stolen assets depreciate 25%,” he wrote in his latest bulletin to telegram subscribers from the telegram.

“In response, risk inversions have become even more offers for the PIT in the last 24 hours, reflecting increasing concerns concerning additional sales pressure.”

QCP data have shown that market expectations become more optimistic only from Q3.

“Until Crypto finds a new story, we will probably see an increased correlation between the BTC and the short-term actions,” he concluded, referring to the next versions of American macroeconomic data.

“The two risky assets are currently negotiated near their recent stockings, and with pricing risks that are still looming, volatility could go to the main versions of data macro – ICC (sea) and PPI (Thu).”

This article does not contain investment advice or recommendations. Each investment and negotiation movement involves risks and readers should conduct their own research when they make a decision.