Bitcoin prices extended their decline on March 28th, falling for the fourth consecutive day, reaching a low of $83,387. The decline of BTC (BTC) reflects the sale of Wall Street, with the Dow falling below 700 points alongside the S&P 500 index and 112 points.
The stock sale is widely attributed to investors raising concerns about inflation after the core personal consumption expenditure index data from February rose to 2.8% (an increase of 0.4% each month).
The S&P 500 drops a market capitalization of $1 trillion. Source: X/The Kobeissi Letter
The sale was further amplified by the market response to the newly collected “mutual tariffs” of US President Trump, with a 25% tariff applied to “all cars not made in the US.”
The possibility of a Bitcoin bailout rally or bounces for sale could be reduced as traders look carefully on April 2, the day Trump labeled the “liberation date” where additional tariffs, including “drug tariffs,” are expected to be announced.
Will Bitcoin price drop to $65,000?
According to veteran trader Peter Blunt, Bitcoin could go down the road to $65,635.
BTC/USD 1 day chart. Source: X/Peter Brandt
In X Social Post, Brandt confirmed the completion of the “Bear Wedge” pattern and said:
“Don’t shoot the messenger. Just report that you’re saying until the chart says something different. The Bear Wedge was completed with double targets from the double top for $65,635.”
Crypto Trader ‘HTL-NL’ agrees to Brandt, failing to “break the ice” of Bitcoin’s long-term downward trend, suggesting that Bear Wedge’s confirmation suggests that BTC is destined to revisit its low range.
BTC/USD 1 day chart. Source: x/htl-nl
From a purely technical perspective, it is difficult to predict a quick reversal of Bitcoin price action, as many of the metrics in the daily time frame are sold. Despite the lack of strong spot market demand in the current price range, Crypto Trader Cole Garner said “whales are now wild.”
BTC/USD 1 day chart. Source: X/Cole Garner
According to Garner, Bitfinex’s spot BTC margins longed for margin shorts metrics, fired a powerful signal that showed historic returns of over 50% “within 50 days.”
Related: US regulators FDIC and CFTC banks to facilitate crypto-limiting on derivatives
Beyond daily price fluctuations, there is continuing development of a regulatory positive crypto industry.
On March 28, White House AI and Crypto Czar David Sacks praised FDIC and its chairman Travis Hill for clarifying the “process by which banks engage in crypto-related activities.”
Source: X/David Sacks
Essentially, letters to agencies under the supervision of the Federal Deposit Insurance Corporation provided clear guidance on their ability to provide and provide crypto-related products and services without the need to first notify the FDIC.
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.
