Bitcoin (BTC) reversed in classic fashion on March 10 after bulls failed once again to hold higher levels.

Bitcoin

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

Bart's back on the Bitcoin chart

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD forming a characteristic “Bart Simpson” retracement pattern overnight on Wednesday.

The pair had managed to pass $42,000 before consolidating, but a lack of support meant that a drop back to its previous trading zone below $40,000 was the grimly familiar outcome.

Such “Bart” formations had come several times in the weeks prior and underscored the difficulty experienced by a market stuck firmly in an established trading range for months.

Those hoping for upside continuation were thus left disappointed, with cross-crypto liquidations for the 24 hours to the time of writing totaling $211 million, according to data from analytics resource Coinglass.

Chart

Crypto liquidations chart. Source: Coinglass

“Fried bulls this morning,” popular trader Crypto Ed, who had called the end of the upside at Wednesday’s highs, told Twitter followers.

“This is not PA but PP Ping Pong And yes, Asians always been good in Ping Pong,” he added, referring to both the up and down slopes of the “Bart” occurring during Asian market hours.

Thursday meanwhile would see the release of U.S. consumer price index (CPI) data for February, this tipped to show inflation still running hot at an estimated 7.9% year-on-year.

“CPI number comes out tomorrow & the FOMC meeting is in less than a week (March 15 & 16),” trader and analyst Matthew Hyland forecast in part of a tweet Wednesday.

“I expect volatility ahead, but increased certainty as a result.”

An accompanying chart underlined key resistance levels for BTC/USD to overcome, along with support at $36,300 and $33,000.

Bitcoin

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

Altcoins in copycat U-turn

Bitcoin’s volatility likewise cost altcoins much of their latest gains, with Ether (ETH) down 5.1% to less than $2,600.

Many others out of the top ten cryptocurrencies by market cap were equally gloomy on the day, with previous high flyer Terra (LUNA) nonetheless managing to linger near $100 highs.

Chart

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


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Recommended content


Recommended Content

Editors’ Picks

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

Shanghai court confirms legal recognition of crypto ownership

A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

BTC hits an all-time high above $97,850, inches away from the $100K mark

Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP