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Bitcoin Slips to $80K as Analysts Warn of ‘Ugly Start’ to the Week

By Ruholamin Haqshanas

Last Updated: Mar 10, 2025

Fact checked

By Akriti Seth

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Bitcoin Slips to $80K as Analysts Warn of 'Ugly Start' to the Week
Disclaimer Icon
Disclaimer

Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
99Bitcoins may receive advertising commissions for visits to a suggested operator through our affiliate links, at no added cost to you. All our recommendations follow a thorough review process.

Bitcoin continued its downward trend over the weekend, slipping to just above $80,000 on March 10, in what analysts are calling a troubling start to the week.

The decline has sparked concerns of further losses, with BitMEX co-founder Arthur Hayes warning that the asset could soon test key support levels.

“It looks like Bitcoin will retest $78,000,Hayes wrote on X, adding that if the level fails, the next target would be $75,000. He also pointed to a significant amount of Bitcoin options open interest within the $70,000 to $75,000 range, warning that if the asset falls into that zone, it could result in heightened volatility and a sharp sell-off.

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Options Market Signals Growing Concern Over Bitcoin’s Decline

The options market reflects this concern. According to Deribit data, there is $696 million in open interest at the $70,000 strike price, $659 million at $75,000, and $680 million at $80,000, suggesting that derivatives traders are betting against short-term price stability.

Bitcoin has dropped more than 5% in the past 24 hours, hitting a low of $80,124 before staging a modest recovery to $81,395 at the time of writing.

The asset has been highly volatile in recent weeks, fluctuating between $80,000 and $95,000 amid shifting market sentiment driven by trade policy changes and crypto-related announcements from the White House.

Arthur Hayes had previously predicted that Bitcoin would revisit $75,000 before entering a long-term bull cycle that could push the asset toward $250,000.

In February, he warned that the market was heading forgoblin townas hedge funds began unwinding their Bitcoin ETF positions. Bitcoin’s lowest point of the year came on February 28, when it briefly dipped into the $78,000 range—a level it appears to be revisiting.

Market research firm 10x Research described the recent decline as atextbook correctionin a report published on March 10.

The firm noted that roughly 70% of the selling came from investors who bought Bitcoin within the past three months, indicating that recent entrants to the market are panic-selling in response to the downturn.

Meanwhile, Bitcoin sentiment has turned increasingly bearish. The Bitcoin Fear & Greed Index has plunged intoextreme fear”, registering a score of 20 on March 10, reflecting heightened market uncertainty.

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Investors Brace for Volatility Ahead of Key U.S. Inflation Reports

The coming week could bring further turbulence as investors brace for two major U.S. inflation reports, which could influence Federal Reserve monetary policy. Rising inflation could prompt hawkish measures from the central bank, potentially adding more pressure to risk assets like Bitcoin.

Beyond economic concerns, trade tensions are also on the rise. Canada has imposed retaliatory tariffs after the Liberal Party elected former central banker Mark Carney as its new president.

In his victory speech on March 9, Carney sharply criticized Donald Trump’s tariffs on Canada, stating,Americans should make no mistake … in trade, as in hockey, Canada will win.”

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Key Takeaways

  • Bitcoin slipped to just above $80,000, with analysts warning of further declines toward $75,000.
  • Options market data suggests traders are bracing for increased volatility as Bitcoin nears critical support levels.
  • Macroeconomic uncertainty and trade tensions could add further pressure on Bitcoin in the coming week.

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Ruholamin Haqshanas
Ruholamin Haqshanas
Crypto Journalist

Ruholamin Haqshanas is an accomplished crypto and finance journalist with over three years of experience. He has been featured in various high-profile outlets, including Cryptonews.com, Investing.com, 24/7 Wall St, and Business2Community. Read More

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