Bitcoin (Btc) Ask for a rematch with multimonth lows on March 10 as a familiar sale along with the start of trading on Wall Street.
BTC/USD 1-Hour chart. Source: Cointelegraph/TradingView
BTC price sags closer to new four -month lows
Data from Cointelegraph Markets Pro and Tradingview BTC/USD showed around 4% in the day to reach $ 79,170 on Bitstamp.
Weekly Weekly Continued as dangerous risks throughout the board suffered a safety flight.
Stocks fell significantly in tomorrow, along with the S&P 500 and Nasdaq composite index down 2% and 3.5%, respectively.
Reacting, Resource Resource The Kobeissi letter said that the US government’s spending at the hands of the Department of Government Efficiency (DOGE) played a role in the collapse.
“While everyone is focused on the trade war, do not discount the impact of reduced government spending expectations,” it wrote in part of it Latest review In X.
“Government spending and job growth are ‘fuel’ in the economy. Doge’s reduction will be felt.”
S&P 500 1-day chart. Source: Cointelegraph/TradingView
Kobeissi noted that crypto markets have removed $ 1 trillion in the market cap in just two months.
“The rally after the US Strategic Reserve was announced completely removed,” it added In BTC/USD.
Participants in the market participants are mixed because it is unclear where BTC price action may be placed on a more reliable floor.
The famous businessman and analyst recommended X followers have advised followers to seek to increase the values of Koma -Index (RSI) against lower prices for reversal clues.
“Continuing, it is worth watching for Bitcoin to develop lower lows in price action and higher lows in RSI for a bullish difference -different to develop,” he write about sunny hours of time.
BTC/USD 1-day chart with RSI data. Source: Rek Capital/X.
A Additional Post It is noted that the current bull cycle made bounces every day the RSI -day was below 28.
Specifically, “the price of bitcoin is either under or between -2% to -8% away from a bottom,” he explained.
The day -to -day RSI stood at 33.2 at the time of writing.
BTC/USD 1-day chart with RSI data. Source: Rek Capital/X.
Bybit Hack remains elephant in the room
Anywhere, the trading firm QCP Capital has pinned the blame for the broader crypto market sale to sellers tied to Hack last month of crypto exchange bybit.
Related: Biggest red weekly candle ever: 5 things to know in bitcoin this week
“The sale of the price today can also be exacerbated by the preemptively front-running of the hacker-driven supply, now that hackers have shown willingness to cash instead of the risk of further losses-they have seen their stolen properties lowering 25%,” it wrote to the latest subscribers of the bulletin on the telletin channel.
“In response, the risk returns have become further bidding for putting in the past 24 hours, reflecting the growing concerns with further sale pressure.”
QCP data has shown market expectations that are becoming more optimistic only from the Q3 forward.
“Until the crypto finds a new narrative, we are likely to see an increasing correlation between the BTC and the equals in the near term,” concluded, referring to the upcoming release of US macroeconomic data.
“Both risk ownership is currently trading near their recent -only lows, and at the risks of tariffs, volatility can choose going to the major releases of US -CPI (WED) and PPI (THU) macro data.”
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
