Bitcoin Price Forecast: BTC Remains Under $82,000 Amid Hacker Activity
Bitcoin trades around $82,000 after a 15% decline sparked by Bybit hackers cashing out part of their $1.5 billion theft. Liquidations in the crypto market reached $687.73 million as a result. Analysts forecast potential price levels, with crucial support and resistance ranges expected to guide Bitcoin’s fluctuations this week amidst broader market volatility.
On Monday, Bitcoin (BTC) traded near $82,000 following a nearly 15% decline last week. This significant price drop has led to a series of liquidations within the crypto market, amounting to $687.73 million within the last 24 hours. A report from QCP Capital indicates that the market momentum was disrupted when Bybit hackers cashed out approximately $300 million of their $1.5 billion crypto theft over the weekend, contributing to further BTC price declines.
As of Monday, Bitcoin shows a slight recovery, trading at around $82,800, after having experienced a drop of over 6% on Sunday to a low of $80,000. This recent price correction instigated substantial liquidations, with the largest single liquidation order reported at $32.09 million on Binance for the BTCUSDT pair, according to Coinglass data.
In an exclusive discussion with FXStreet, Ryan Lee, Chief Analyst at Bitget Research, projected that Bitcoin would face critical price movements this week, identifying support levels between $70,000 and $75,000 and a resistance range of $85,000 to $87,000. He noted that a failure to maintain $77,000 could push Bitcoin towards $70,000-$72,000. Conversely, a recovery from $75,000 might restore prices to the $80,000-$85,000 zone.
Lee further explained that mid-week testing between $72,000 and $75,000 is likely, with expectations for Bitcoin to stabilize around $83,000 by March 18-19, influenced by broader market sentiment and significant events like regulatory decisions and the forthcoming FOMC meeting. The QCP Capital report also highlights that risk assets, including Bitcoin and U.S. equities, are likely to experience increased volatility as crucial U.S. macroeconomic data is released.
Bitcoin’s price fell below its 200-day Exponential Moving Average (EMA) at $85,754, leading to a reported 6.37% decline by Sunday. Currently, BTC hovers around $81,800. Should the downward trend persist, Bitcoin may test the low of $78,258 observed on February 28. A close below this threshold could prompt a further decline to the next support level at $73,072.
At the moment, the Relative Strength Index (RSI) indicates a reading of 36, signaling a bearish momentum, while the Moving Average Convergence Divergence (MACD) has indicated a bearish crossover, suggesting potential ongoing declines. In opposing scenarios, a recovery could boost Bitcoin towards $85,000.
In summary, Bitcoin is currently challenged by a complex range of market dynamics, including hacker activities and broader economic indicators. Investors’ sentiments are volatile, affected by recent events and potential regulatory announcements, necessitating thorough analysis before investment decisions are made.
Bitcoin, as the leading cryptocurrency by market capitalization, presents unique considerations. Altcoins, differentiated from Bitcoin, and stablecoins, designed to maintain price stability, are all part of the broader crypto landscape. Bitcoin dominance, indicative of its standing among other cryptocurrencies, plays a pivotal role in understanding market shifts and investor behavior.
In conclusion, Bitcoin’s recent trading patterns reflect a mixture of challenges and recovery potential amid external pressures like hacker cash-outs and macroeconomic data releases. As Bitcoin hovers near $82,000, the market awaits critical support and resistance levels that will shape future price movements. Investors must remain vigilant about both market sentiment and relevant economic indicators, as the volatility in cryptocurrencies continues to be influenced by a variety of factors.
Original Source: www.fxstreet.com
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