For seven weeks in a row, Bitcoin Price has experienced several retracements, falling from its peak of $ 109,000 in January to less than $ 77,000 on March 11.
The drop has resulted in a significant decline of about 30% of the bitcoin (BTC) value and a significant decline in the broad cryptocurrency market. In the last one month, the atherium (ETH) has fallen 29%, while Solana (Sol) and Dogicine (DOGE) have suffered even more severe losses of 40%and 38%respectively.
According to March 11 Report By the Market Intelligence Platform Santimen, the recession of bitcoin began when major stakeholders began to take profits in mid-February, leading to a cell-off wave.
From 20 February to 8 March, 22,702 BTC (approximately $ 1.8 billion at current rates) was transferred from private wallets to exchanges. This tendency implies that investors were getting ready to sell, which increased the pressure downwards.
At the same time, whale accumulation, which promoted the rise of bitcoin after Trump’s choice, slowed down after his inauguration. Between November and January, institutional buyers who bought BTC aggressively began to reduce their risk in February. While some of these high-net-forth investors started buying on March 3, the market has not yet been seen as a significant reversal.
There has also been a significant change in investor spirit. Social media data may see the increasing number of bitcoin price estimates of recession in social media data, and many retail investors entered the market late in 2024, which were sold in a loss. According to the study by the Santime, the average short -term loss for bitcoin traders is currently -11%, while long -term holders have reduced -5% in the last 12 months.
In addition to internal market factors, macroeconomic uncertainty has also weighed on cryptocurrency. Investors are still concerned with Trump’s new tariff policies and the possibility of deteriorating trade war, causing more instability for digital asset markets.
Although the initial stimulation was triggered by a pro-crypto trend of administration, concerns have been reduced on how fast policy and regulatory implementation can be done.
The price of bitcoin is currently 4% below the previous day, about $ 77,200 as March 11. Meanwhile, Arthur Hayes, Co-Founder of Bitmex, Believe that This bitcoin can fall to about $ 70,000, which will improve 36% from its peak and correspond to the previous bull market retracement.
He reported that monetary ease by central banks like Federal Reserve, PBOC, ECB, and BOJ will probably come after another decline in American stock index like S&P 500 and NASDAQ.
Many risk investors may wait for central bank assistance to prevent extended sideways movement and unrealistic loss. However, traders should consider buying a dip according to Hes. If $ 78,000 does not support, they first predicted that bitcoin could fall to $ 75,000.
