Bitcoin’s price extended its decline on March 28, marking its fourth consecutive day of losses and hitting an intra-day low of $83,387. The DOW fell 700 points, and the S&P 500 fell 112 points, like a sharp sell-off in standard stocks. Concerns about inflation grew as the core Personal Consumption Expenditures (PCE) index rose to 2.8% in February, higher than expected. This led to a sell-off.
The market also didn’t like President Trump’s new bilateral tariffs, which included a 25% tax on cars made in other countries. Investors are now getting ready for April 2, which has been called “Liberation Day” because it is when more tariffs on pharmaceuticals are likely to be released.
Could Bitcoin Reach $65K?
Due to the end of a bear wedge pattern, experienced trader Peter Brandt said Bitcoin could fall even more, with a goal of $65,635 or less. He said this in a post on X:
Please do not shoot the messenger. I’m only going to report what the map says until it changes. The bear wedge reached its 2X goal from the double top at $65,635 and was complete.
Crypto trader HTL-NL agreed with Brandt’s worries and pointed out that Bitcoin had not broken through a key declining trendline, which made the bearish case even stronger.
‘Whales Going Wild’ as Bitcoin Decreases
Even though the market is generally negative, some traders think that “whales” are actively buying Bitcoin. A crypto analyst, Cole Garner, says that a key measure on the Bitfinex spot BTC margin longs-to-shorts ratio has sent out a strong signal that has historically led to 50% or more returns within 50 days.
Regulatory Changes Are Positive
Even though Bitcoin’s price fluctuated, good regulatory news emerged. On March 28, David Sacks, the White House’s AI and Crypto Czar, praised the FDIC and Acting Chairman Travis Hill for clarifying how banks can conduct crypto-related business.
Conclusion
Based on its recent movement, technical analysts think Bitcoin’s price will fall towards $65K in the short term. However, signs of whale accumulation and positive regulatory changes show that long-term investors are still optimistic about Bitcoin’s future.
