Bitcoin Price Slides Below $80K—Is A Bounce Back To $90K Possible?

Bitcoin (BTC) price extended its losses on March 10, dropping below $82,000 as traders reacted to fresh bearish signals.

The cryptocurrency has now declined 25% from its all-time high, fueling concerns over further downside risks.

Veteran trader Peter Brandt highlighted Bitcoin’s bearish outlook, citing a completed double-top pattern. The formation, which first developed in December, has now confirmed a breakdown, reinforcing a negative sentiment in the market.

“Bitcoin has completed a classic double-top pattern,” Brandt noted. “The price must reclaim the high $90,000s to turn positive again.”

Market Sentiment Shifts as Whales Accumulate 5,000 BTC

While Bitcoin’s price action remains weak, on-chain data suggests potential accumulation. Santiment reported that wallets holding 10 or more BTC have added nearly 5,000 BTC since March 3. This shift follows weeks of selling pressure, which contributed to the recent correction.

“Bitcoin’s whale and shark wallets have gone through several key turning points over the past six months,” Santiment stated. “Recent accumulation could set the stage for a stronger second half of March.”

Despite this trend, Bitcoin’s price has yet to react, leaving uncertainty about whether accumulation will translate into a reversal.

BTC’s Next Move Could be Determined by Key Resistance at $90K

Technical analysts remain divided on Bitcoin’s next direction. Captain Faibik, a crypto trader, suggested that BTC could attempt to reclaim $90,000 in the coming days.

“$BTC is set to bounce back and could test the $90K crucial resistance this week,” he posted on X.

However, the broader macroeconomic landscape continues to weigh on Bitcoin. Uncertainty surrounding President Donald Trump’s tariff policies and geopolitical tensions have contributed to risk-off sentiment across global markets.

If BTC fails to reclaim $90,000, Arthur Hayes warns that further losses could follow. The BitMEX co-founder expects a retest of $78,000, with $75,000 as the next critical support.

“If BTC fails to hold, $75K is next in the crosshairs,” Hayes stated.

Bitcoin traders now watch for signs of a relief rally, but with sentiment in “extreme fear,” the market remains fragile. The coming days could be crucial in determining whether BTC stabilizes or extends its decline.

Bitcoin Price Crashes Below $80K—Could a $70K Drop be Next?

Bitcoin remains under pressure after falling below $80,000, briefly testing a key support zone from late 2024. The price has bounced to $82,228, but sellers continue to dominate.

BitMEX co-founder Arthur Hayes expects BTC to retest $78,000, warning that a failure to hold could send prices toward $75,000.

Hayes also pointed to high open interest between $70,000 and $75,000, meaning a drop into this range could trigger more volatility.

Deribit data shows $696 Million in open interest at $70,000, $659 Million at $75,000, and $680 Million at $80,000, suggesting that traders are heavily positioned in this zone.

Market research firm 10x Research called the drop a “textbook correction”, noting that 70% of selling came from short-term holders. This suggests panic-selling is driving the decline, with recent buyers exiting at a loss.

Bitcoin struggles below key resistance, testing $81K support level. Source: Peter Brandt

Veteran trader Peter Brandt identified a double-top pattern, a bearish structure that could push Bitcoin lower.

To break the downtrend, BTC must reclaim $90,000, or it risks deeper losses. The Fear & Greed Index has dropped to 20, signaling extreme fear in the market.

The crucial support threshold for Bitcoin currently rests at $75,000. Bitcoin shows signs of improvement through whale accumulation while it needs to cross $90,000 to start rebuilding its momentum.