After bulls failed to hold higher levels, Bitcoin ( BTC), reversed in classic fashion on March 10.
Bart is back at the Bitcoin chart
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.
– There was no follow up on the volume or price of deriv bidders
Trying to unwind their longs, and tanked market
volume, predicted funding, and open interest tell the story pic.twitter.com/hJD6QVRUek
Dylan LeClair (@DylanLeClair_).
March 10, 2022
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.
“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.
Altcoins in copycat Uturn
Altcoins also suffered from Bitcoin’s volatility, with Ether ( , ETH), down 5.1% to less that $2,600
Other top ten cryptocurrency market caps were also downbeat, with Terra ( LUNA) still managing to hover at $100 highs.