- The price of Bitcoin is steady around $82,000 on Monday, following a nearly 15% drop last week.
- This recent price adjustment sparked a wave of liquidations in the cryptocurrency market, amounting to $687.73 million over the past 24 hours.
- A report from analysts indicates that market momentum was disrupted when Bybit hackers liquidated at least $300 million from their enormous $1.5 billion crypto theft on Sunday, leading to another decline in BTC.
On Monday, Bitcoin (BTC) remains around $82,000 after experiencing a significant drop of nearly 15% the previous week. This price adjustment caused a significant wave of liquidations in the cryptocurrency market, reaching a total of $687.73 million in the last 24 hours. Analysts note that the market’s momentum was interrupted as hackers from Bybit cashed out over $300 million from their record-breaking $1.5 billion crypto heist on Sunday, causing the price of BTC to fall once more.
BTC price declines eliminate over $690 million from the market
Bitcoin’s price has experienced a slight rebound, trading at about $82,800 during the European session on Monday after falling nearly 15% the previous week. On Sunday, BTC declined by over 6%, hitting a low of $80,000.
This price correction led to significant liquidations in the cryptocurrency market, amounting to $687.73 million in the past 24 hours. The largest individual liquidation occurred on Binance’s BTCUSDT, valued at $32.09 million, according to data from Coinglass.
Liquidation Heatmap chart. Source: Coinglass
In an exclusive discussion, Ryan Lee, Chief Analyst at Bitget Research, stated, “Bitcoin is set to endure a pivotal week regarding price movement, with support levels between $70,000 and $75,000, and a crucial resistance range around $85,000-$87,000.”
Lee elaborated that if the $77,000 threshold isn’t maintained, BTC might test the lower boundary of $70,000-$72,000. Conversely, a market recovery could lead to a bounce from $75,000, potentially pushing the price back into the $80,000-$85,000 range.
Investors eye macroeconomic releases as Bitcoin fluctuates
Lee also mentioned that this week’s most probable scenario suggests a mid-week test of the $72,000-$75,000 range, with Bitcoin stabilizing near $83,000 by March 18-19, influenced by overall market sentiment and external factors such as regulatory updates and the forthcoming FOMC meeting.
Furthermore, analysts highlight that risk assets, including US equities and Bitcoin, are currently trading close to recent lows. With tariff risks still a concern, volatility may increase as key US macro data—Consumer Price Index (CPI) on Wednesday and Producer Price Index (PPI) on Thursday—approaches.
The report indicated that last week’s Non-Farm Payrolls (NFP) data provided some relief to equities and cryptocurrencies, strengthening expectations regarding further interest rate cuts by the Federal Reserve (Fed) in May.
The analysis suggests a scenario for steady recovery this week. However, this positive momentum was interrupted by Bybit hackers cashing out a significant portion of their stolen assets during hours with thin liquidity on Sunday, resulting in another decline for BTC.
“Today’s price drop may have been driven further by holders anticipating additional selling pressure from hackers, who have indicated a willingness to cash out rather than risk further losses, especially since they already experienced a 25% depreciation of their stolen assets. As a result, the demand for puts has risen sharply in the past 24 hours, reflecting growing concerns over potential selling pressure,” the analyst stated.
BTC Price Outlook: Bears Target $78,000
Bitcoin’s price broke below its 200-day Exponential Moving Average (EMA) at $85,754 on Sunday, marking a decline of 6.37%. As of Monday, it hovers around $81,800.
If BTC continues to move downwards, it could test the February 28 low of $78,258. A successful close below this threshold may invite an additional decline towards the next support level at $73,072.
The Relative Strength Index (RSI) on the daily chart is at 36, having been rejected from its neutral midpoint of 50 last week, which signifies bearish momentum. Additionally, the Moving Average Convergence Divergence (MACD) indicator also showed a bearish crossover on Sunday, indicating a sell signal and suggesting a downward trend.
BTC/USDT daily chart
Conversely, should BTC stage a recovery, the potential rise could reach up to $85,000.
(This article was corrected on March 10 at 12:12 GMT to clarify that liquidations totaled $687.73 million over the past 24 hours, not $687.73.)
Bitcoin, Altcoins, and Stablecoins FAQs
Bitcoin is the leading cryptocurrency by market capitalization, designed to function as money. It operates without the control of any individual, group, or entity, thereby removing the need for third-party involvement in financial transactions.
Altcoins refer to any cryptocurrency that is not Bitcoin, though some people also consider Ethereum as a non-altcoin due to the forking process stemming from these two cryptocurrencies. If true, then Litecoin qualifies as the first altcoin, having been forked from Bitcoin’s protocol and viewed as an “improved” version.
Stablecoins are cryptocurrencies intended to maintain a stable value, secured by a reserve of the associated asset. Their value is pegged to commodities or financial instruments such as the US Dollar (USD), with supply regulated via an algorithm or market demand. The primary aim of stablecoins is to offer a reliable trading and investment medium for cryptocurrency investors, allowing value storage amidst the general volatility of cryptocurrencies.
Bitcoin dominance measures the ratio of Bitcoin’s market capitalization to the total market capitalization of all cryptocurrencies combined. It provides insight into Bitcoin’s attractiveness to investors. A high BTC dominance typically occurs before and during a bull market when investors favor investing in relatively stable and high-capitalization cryptocurrencies like Bitcoin. A decline in BTC dominance often indicates that investors are reallocating their capital and/or profits into altcoins in search of higher returns, usually triggering significant rallies among altcoins.