Bitcoin prints the Bart classic Bart pattern, as BTC prices drop below $40K

After bulls failed to hold higher levels, Bitcoin ( BTC), reversed in classic fashion on March 10.

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView

Bart is back at the Bitcoin chart

Data from Cointelegraph Markets Pro, and tradingView indicated that BTC/USD formed a typical “Bart Simpson’ retracement pattern over the night on Wednesday.

After passing $42,000, the pair consolidated. However, a lackluster support system meant that the pair fell back to its old trading zone below $40,000 which was a familiar result.

These Bart formations were common in the weeks before and highlighted the difficulties faced by markets that have remained firmly within a trading range for many months.

Those who were hoping for upside continued were disappointed by cross-crypto liquidations totaling $211,000,000 for the 24 hour period ending at the time of writing , according to data from the analytics resource Coinglass.

Crypto liquidations chart. Source: Coinglass

“Fried bulls today,” Crypto Ed, a popular trader, told his Twitter followers. He had predicted Wednesday’s upside highs as the end of the upside.

“This isn’t PA, but PP Pong” he said, referring to the up- and down-slopes of the “Bart”, which occur during Asian market hours.

March 10th will see the U.S. consumer prices index (CPI), data for February. This data is expected to show that inflation remains hot at 7.9% year-on.

“CPI number will be out tomorrow, and the FOMC meeting takes place in less than one week (March 15 & 16,)” Matthew Hyland trader and analyst forecast in a part of a March 9 Tweet.

“I anticipate volatility ahead, but greater certainty as a consequence.”

The accompanying chart highlights key resistance levels that BTC/USD must overcome, along with support at $36,300 & $33,000.

BTC/USD chart with key levels marked. Source: Matthew Hyland/ Twitter

Altcoins in copycat Uturn

Altcoins also suffered from Bitcoin’s volatility, with Ether ( , ETH), down 5.1% to less that $2,600

Similar: Price Analysis 3/9: BTC. ETH. BNB. XRP. LUNA. SOL. ADA. AVAX. DOT. DOGE

Other top ten cryptocurrency market caps were also downbeat, with Terra ( LUNA) still managing to hover at $100 highs.

LUNA/USD 1-hour candle chart (Binance). Source: TradingView

Opinion writer on 7trade7