- Bitcoin plummeted to a low of $78,112 on Monday, reflecting an 8% drop in just 24 hours.
- The CEO of a prominent strategy firm has made two significant announcements that could impact Bitcoin’s future movements.
- The Death Cross pattern visible on the 12-hour chart indicates that bulls may face challenges in regaining strength shortly.
On Monday, Bitcoin’s price fell to $78,112 as bearish forces drove an additional 8% decline. Could the recent optimistic announcements from MicroStrategy halt this downward trend?
Bitcoin (BTC) tests new lows around $78K as funds are moved by Bybit hacker
The value of Bitcoin (BTC) has decreased to unprecedented lows as a combination of bearish factors has dampened market sentiment. The recent Nonfarm Payrolls (NFP) report from the United States indicated rising inflation, prompting a shift of capital from riskier assets to fixed-income instruments as investors prepared for a tighter Federal Reserve approach.
Compounding this bearish scenario, recent on-chain data illustrated major outflows from the wallets linked to the Bybit hacker on Monday. The individual behind the attack executed several transactions, cashing out hundreds of millions, which incited panic among short-term BTC traders.
Bitcoin Price Analysis, March 10, 2025 | TradingView
These developments amplified the selling pressure, pushing Bitcoin’s price down to $78,112 on Monday. At the time of writing, BTC was struggling to reclaim the $79,000 mark, with weak demand indicating potential for further declines.
CEO confirms $21B Bitcoin acquisition plan following $100 trillion revenue forecast at Digital Assets Summit
The strategy firm has declared a plan to raise $21 billion through the issuance of its 8.00% Series A Perpetual Strike Preferred Stock.
Filed with the U.S. Securities and Exchange Commission (SEC) on Monday, the sales agreement allows the company to issue shares under an at-the-market (ATM) program, enabling gradual sales over time.
The firm intends to use the net proceeds for corporate purposes, including substantial Bitcoin acquisitions and operational capital.
This offering will involve collaboration with 12 financial institutions, including TD Securities, Barclays Capital, and Cantor Fitzgerald, which will oversee stock sales on the Nasdaq Global Select Market under the ticker ‘STRK.’ The preferred shares can be converted into the firm’s Class A common stock, providing flexibility for institutional investors.
Michael Saylor, co-founder and chairman of the strategy firm, also presented a wider crypto strategy at the Digital Assets Summit in Washington, D.C.
He estimated that the U.S. could unlock up to $100 trillion in economic value over the next decade by instituting a clear regulatory framework for cryptocurrencies.
Saylor classified digital assets into four categories: Digital Tokens for capital creation, Digital Securities for improved market efficiency, Digital Currencies to bolster the Dollar’s position in international trade, and Digital Commodities such as Bitcoin for preserving wealth.
His long-term vision envisions the U.S. acquiring 5%-25% of Bitcoin’s total supply by the year 2035, potentially generating between $16 trillion and $81 trillion by 2045.
He contended that a well-defined regulatory approach towards digital assets would minimize market uncertainty, facilitate the integration of cryptocurrencies into conventional finance, and reinforce the U.S. Dollar’s dominance amid rising de-dollarization efforts from BRICS countries.
Bitcoin price outlook:
Michael Saylor’s recent initiative to secure $21 billion for Bitcoin acquisitions highlights growing institutional confidence in the long-term prospects of BTC.
His strategic accumulation, along with a broader vision for integrating Bitcoin into traditional finance, could pave the way for renewed bullish momentum in the upcoming months.
Nonetheless, in the short term, Bitcoin’s 8% decline on Monday affirmatively demonstrates that bearish forces have gained traction, capitalizing on dual negative catalysts.
The hawkish outlook from the Federal Reserve has fostered risk-averse sentiment across markets, while significant fund movements by the Bybit hacker further intensified selling pressure. Consequently, Bitcoin’s price action remains under strain, and without a swift recovery past $80,000, additional downtrends may be forthcoming.
Bitcoin price forecast: Death Cross indicators suggest more losses if BTC cannot close above $80,000
Bitcoin’s price has taken an additional bearish turn, dropping 8% on Monday as traders responded to the combined pressures of increasing Federal Reserve hawkishness and heightened selling activity associated with the Bybit hacker’s cash-out of stolen funds.
The 12-hour chart indicates a bearish Death Cross, a phenomenon where a short-term moving average crosses beneath a longer-term one.
Bitcoin Price Forecast (BTCUSD)
The crossover of the 5-day and 13-day SMA indicates a diminishing momentum and a higher likelihood of an extended market decline.
Historically, Bitcoin has experienced steeper decreases following similar formations, especially when bolstered by macroeconomic challenges.
Should BTC fail to reclaim the $80,000 level, sellers might target lower levels near $76,000.
Despite the current bearish posture, Michael Saylor’s aggressive accumulation efforts may set the stage for a more optimistic long-term outlook.
The $21 billion capital raise initiative reflects strong institutional interest in Bitcoin, which may counterbalance selling pressure in the forthcoming months.
However, in the near term, leveraged traders might be reluctant to close their long positions, leaving BTC susceptible to further downside risks.