Bitcoin (BTC) called for a rematch at multi-year lows on March 10th, due to familiar sales following the start of trading on Wall Street.
BTC/USD 1 hour chart. Source: CointeLegraph/TradingView
BTC prices approach the new four-month low
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD fell by about 4% a day, reaching $79,170 on BitStamp.
The weakness at the end of each week continued as the overall risky assets struggled to fly to safety.
Stocks fell sharply in open areas, with the S&P 500 and NASDAQ compound indexes falling 2% and 3.5% respectively.
Reaction, trading resources Kobeissi’s letter said US government spending reduced cuts at the hands of the Department of Government Efficiency (DOGE).
“Everyone is focusing on the trade war, but don’t discount the impact of reducing government spending expectations,” he writes in part of his latest analysis on X.
“Government spending and employment growth has “fueled” the economy. You can feel the Doge cut. ”
S&P 500 1-day chart. Source: CointeLegraph/TradingView
Kobeissi noted that the crypto market erased its market capitalization of $1 trillion in just two months.
“The assembly has been completely erased after the announcement of the US strategic reserve,” added BTC/USD.
Market participants’ opinions were mixed as it became unknown whether the BTC price action could be on a more reliable floor.
Popular trader and analyst Rekt Capital advised X followers to look for an increase in relative strength index (RSI) value against lower prices in inverted queues.
“It is worth going forward to make a higher low for Bitcoin to form a lower price action, a higher low with RSI, and a bullish branching development,” he writes about the daily time frame.
BTC/USD 1-day chart with RSI data. Source: Rekt Capital/X
According to further posts, we noted that the current bull cycle generated a bounce whenever the daily RSI is below 28.
Specifically, “Bitcoin prices range between -2% and -8% from the bottom or bottom,” he explained.
My daily RSI was 33.2 at the time of writing.
BTC/USD 1-day chart with RSI data. Source: Rekt Capital/X
Bybit hack remains the elephant in the room
Elsewhere, trading company QCP Capital has locked its responsibility for the broader crypto market with sales related to the Crypto Exchange Bybit hack last month.
Related: 5 Things You Need to Know About Bitcoin This Week The Biggest Weekly Candles
“Today’s price sale shows a willingness to cash out rather than risking further losses, rather than seeing already stolen assets depreciate 25%, so holders could be exacerbated by further hacker-driven supply of frontrunning.”
“In response, the risk reversal has resulted in more bids over the past 24 hours, reflecting growing concerns over additional sales pressure.”
QCP data shows that market expectations will only be optimistic after the third quarter.
“Until Crypto finds a new story, the correlation between BTC and stocks is likely to increase soon,” and refers to future US macroeconomic data releases.
“Both risk assets are currently trading near recent lows and tariff risks are still looming, so volatility could pick up towards critical US macro data releases (CPI (WED) and PPI (THU).”
This article does not include investment advice or recommendations. All investment and trading movements include risk and readers must do their own research when making decisions.
