Bitcoin Price Prediction For March 10

Bitcoin is under heavy selling pressure, falling to a multi-month low of $80,000. This sharp decline led to massive liquidations, wiping out nearly $650 million in the past 24 hours. With the crypto fear and greed index dropping to 17 (Fear), investors are now questioning whether Bitcoin will recover or face further losses.

US Bitcoin Reserve Plan Sparks Sell-Off

The US government’s plan to create a Strategic Bitcoin Reserve triggered a 7% drop in Bitcoin’s price. The sell-off happened because the plan does not include new Bitcoin purchases, raising uncertainty among investors.

Donald Trump has directed trade and commerce officials to find “budget-neutral” ways to acquire Bitcoin, but the details remain unclear.

The reserve will be made up of Bitcoin seized by the government, mainly held by the Department of Justice. While this suggests these assets won’t be sold, the lack of a clear buying strategy means the plan may not have a strong impact on the market.

$650M Liquidated – Who Lost the Most?

According to data from CoinGlass, the crypto market saw liquidations worth approximately $650 million in the past day. Long traders took the biggest hit, suffering losses of nearly $500 million, while short traders faced around $147 million in liquidations. 

The largest single liquidation order happened on Binance’s BTCUSDT pair, worth $32.09 million. 

Can Bitcoin Recover? Key Levels to Watch

Despite the sharp drop, Bitcoin managed to bounce back by 2%, reaching around $83,400.

Crypto analyst Michaël van de Poppe pointed out that Bitcoin’s 12-hour price chart is at a critical level. Two possible scenarios could play out:

1. If Bitcoin holds its current range, it could form a higher low, setting up for a potential breakout.
2. If it struggles to stay above $86,000, it may face another drop, possibly testing support near $78,000.

Bitcoin’s slight rebound has pushed the Relative Strength Index (RSI) out of the oversold zone, but it remains weak. This suggests that sellers could still dominate the market, keeping Bitcoin’s recovery uncertain.

Investors are now watching closely to see if Bitcoin can regain strength or if more downside is ahead. A storm may be brewing, but Bitcoin has weathered worse.

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