The price of bitcoin used BTC seized for the store after Trump’s executive order at a distance of 11% on the weekend, while the technical signs of broad macroeconomic pressure and recession were more negatively indicated.
On 7 March, Donald Trump signed an executive order to use bitcoin (BTC) seized from criminal cases for strategic reserve instead of purchasing it from the market. The announcement recorded a decline in the price of bitcoin, which opened up to $ 90,000 on 7 March, but the weekend was about 11% of its value, closing just $ 80,751 on 9 March. CoingkoHowever, it has since increased to more than $ 82,000, currently less than 4% for $ 82,154 in the last 24 hours.
The market response was likely to be due to unrealistic expectations as the government would buy BTC, which would inject more funds in the market. It is being said that the order did not completely dismiss the purchase of future bitcoins, but they would need to be “budget-shit” without the burden of tax payers.
Beyond the reserved-related disappointments, the price of bitcoin is pressurized by macro concerns, mainly related to tariffs. In particular, the trade war between the US and China is intense with Beijing Impressive Tariff Trump’s Chinese imports on some American agricultural commodities as vengeance in recent increase in duties. Additionally, Federal Reserve Chairman Jerome Powell on Friday confirmed that the Central Bank would have a waiting-and-looking approach for interest rates. It came after a weak American non -parallel payroll report and at least three Fed rate deductions this year.
On the technical side, chart analyst Peter Brant Thrown light on The price of bitcoin completed a double top pattern, with a peak of about $ 108,100. After being at the peak, it broke below the major support (previous border) near 95,321–96,659. After the breakdown, the price formed a recession penette (a consolidated pattern), which retained the breakdown zone around 95,321–96,659) but failed to regain it. The penette is completed, and the value is reduced, and indicated at the bottom. Support on 81,513 is now important level. If broken, further decline will be likely to follow.
If the price falls below this level, it can cause about $ 1.3 billion in leveraged long liquidity, according to it. Inclusive dataSuch a massive wipeout will undoubtedly cause strong pressure at the price.
Arthur Hayes Recent analysis An insight into what can happen next can provide. In his recent post on X, he said that the bitcoin $ 78K level is likely to resume, and if it fails to catch, the $ 75K may be the next target. He said that a lot of investors have placed option bets around $ 70,000- $ 75,000 price limit. “It would be violent if we come to that range,” he commented.
Silver lining
On the bright side, some experts believe that Bitcoin Reserve News increases rapidly in the long term and that the market response to the news of the inclusion of BTC (in the near future) was the result of inflated expectations. As Matt Hogan, a Chief Investment Officer in Bettwaiz Asset Management, Told CNBC “The market is short -term disappointed” said that the government did not say that it is going to start to get 100,000 or 200,000 bitcoins immediately. Hogan gestures to AI Caesar David Sachs’ statement on XWhich states that the US “will look for budget-plate strategies to obtain additional bitcoins, provided that those strategies have no incremental cost on American taxpayers.”
Another positive development (modest than macro headwinds) is that the wallets caught on bitcoin are accumulated about 5000 BCT since March 3. SatisfactionHowever, prices have not yet reflected it, if the whales continue to accumulate, the second half of March may be better than the “Bloodbath”, which has been seen since BTC has reached the new $ 100K peak of BTC 7 weeks before the BTC.
