Bitcoin dips to $80K in ‘ugly start,’ could retest key resistance

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Bitget Academy2025/03/10 06:55

By:Bitget Academy

Bitcoin prices have continued to retreat over the weekend and have fallen to just above $80,000 on March 10 in what one analyst has described as an “ugly start” to the week. The asset has been extremely volatile over the past fortnight, bouncing between $80,000 and $95,000 on various trade tariff-related news reports and White House crypto announcements. Arthur Hayes previously predicted Bitcoin could fall to $70,000, while 10x Research analysts has called it a “textbook correction.”

It looks like Bitcoin will retest $78,000, said BitMEX co-founder and Maelstrom chief investment officer Arthur Hayes on X following the asset’s decline. “If it fails, $75,000 is next in the crosshairs,” he added. He also observed that there were a lot of Bitcoin options open interest suck in the $70,000 to $75,000 range. “If we get into that range it will be violent,” he said.

In late January, Hayes predicted that Bitcoin would return to $75,000 before reaching $250,000 this cycle. “At least my prediction could be wrong. I hope I’m wrong,” he said at the time. A month later, he said a Bitcoin “goblin town” was coming, predicting that the asset could fall to $70,000 as large hedge funds unwind their ETF positions. The asset fell to its lowest level in 2025 on Feb. 28 when it dipped into the $78,000 zone, and it appears to be heading back there.

Source: CoinTelegraph

Futures Market Updates

Bitcoin's price drop triggered long liquidations, leading to short dominance and bearish sentiment.

Bitcoin Futures Updates

Total BTC Open Interest: $47.69B (-0.79%)

BTC Volume (24H): $94.90B (+151.83%)

BTC Liquidations (24H): $205.67M (Long)/$33.86M (Short)

Long/Short Ratio: 48.79%/51.21%

Funding Rate: -0.0020%

Ether Futures Updates

Total ETH Open Interest: $19.09B (-2.95%)

ETH Volume (24H): $40.12B (+93.35%)

ETH Liquidations (24H): $93.91M (Long)/$14.10M (Short)

Long/Short Ratio: 48.04%/51.96%

Funding Rate: 0.0046%

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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