Bitcoin Declines as Investors Shift Focus to Gold Amid Market Concerns
The crypto market is experiencing a downturn, attributed to the lack of a U.S. government plan to purchase bitcoin as part of a strategic reserve and ongoing macroeconomic concerns. Key developments include:
- Bitcoin (BTC) declined to $80,000, falling below its 200-day moving average.
- Ethereum (ETH) dropped below the crucial support level of $2,100.
- Investor sentiment has shifted, with some seeing BTC as a risky asset, prompting a flight to gold.
- The Federal Reserve is cautious about rate cuts due to tariffs complicating economic indicators.
- Japan's rising base pay is increasing expectations for a Bank of Japan rate hike.
- Low trading volumes over the weekend may lessen the significance of bearish trends.
Upcoming Events
March 10: Launch of Movement (MOVE) Ethereum-based L2 blockchain mainnet.
March 11: Horizen (ZEN) mainnet upgrade to version ZEN 5.0.6.
March 11: U.S. House Financial Services Committee hearing on stablecoins and CBDCs.
March 12: Hemi (HEMI) mainnet launch.
March 15: Athene Network (ATH) mainnet launch.
Market Overview
BTC is down 4.61% at $82,373.88; ETH is down 1.6% at $2,101.66. The CoinDesk 20 index fell by 6.4% to 2,632.12.
Technical Insights
BTC has broken below a pennant pattern, suggesting further declines could retest support around $73,800.
Token Unlocks
- Aptos (APT) unlocking 1.93% of circulating supply worth $62.09 million on March 12.
- Starknet (STRK) unlocking 2.33% worth $10.25 million on March 15.
Derivatives Positioning
Negative perpetual funding rates for BTC, SOL, ADA, XRP, and TRX indicate a bearish market sentiment.
Source: Holder.io