Cryptocurrency prices kept going down over the weekend, reaching just above $80,000 on March 10. Analysts have called this drop an “ugly start” to the week, which makes them fear that there will be more drops. As traders respond to reports of inflation and geopolitical events, market volatility has increased, making Bitcoin’s price movement very hard to predict.
Hayes Expects $75,000 Retest
Arthur Hayes, co-founder of BitMEX and CIO of Maelstrom, spoke out about the situation and said that Bitcoin will hit the $78,000 mark again. The asset could fall even further to $75,000, a figure many traders have been closely monitoring. Hayes also said that the interest in Bitcoin options is very high, between $70,000 and $75,000. He warned that going into this range could cause big market changes.
Deribit statistics show about $696 million in open interest at the strike price of $70,000, $659 million at $75,000, and $680 million at $80,000. This means that buyers in derivatives are betting that prices will go down even more.
Fear-selling and market corrections
In the last 24 hours, Bitcoin’s value has dropped 5%, quickly reaching $80,124 before slowly rising to $81,395. Bitcoin’s value has been very unstable lately, ranging from $80,000 to $95,000 in the last two weeks due to news about trade tariffs and new crypto rules from the White House.
Researchers at 10x Research called the most recent drop a “textbook correction. ” They said that 70% of the selling pressure came from people who had bought Bitcoin in the last three months.
Excessive Market Fear
With a score of 20, the Bitcoin Fear & Greed Index fell into the “extreme fear” zone on March 10. This change in mood shows that investors are becoming more worried, especially since important U.S. inflation numbers are coming out this week. Any sudden increases in inflation could affect Federal Reserve policy, which in turn would affect Bitcoin’s price.
Also, trade issues around the world have gotten worse. For example, Canada implemented retaliatory tariffs after Trump’s actions against the country.
Conclusion
Bitcoins drop to $80,000 has raised fears of a deeper downturn. Analysts have warned that the price could go as low as $75,000 or even $70,000. Long-term bullish predictions are still out there, though. Hayes, for example, said that Bitcoin could hit $250,000 this cycle.
