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

Tether acquires 32% stake in Canadian-listed Gold mining company Elemental

Tether acquires 32% stake in Canadian-listed Gold mining company Elemental

Tether Group, the issuer of the world’s largest stablecoin USDT through its affiliate Tether Investments, has completed the acquisition of a 32% stake in Elemental Altus Royalties Corp. (Elemental).

Crypto Today: Bitcoin, Ethereum, XRP risk further decline amid softer volumes and profit-taking 

Crypto Today: Bitcoin, Ethereum, XRP risk further decline amid softer volumes and profit-taking 

Bitcoin extends losses below $108,000 amid subdued trading volume, a decline in funding rates, and a drop in open interest. Ethereum’s uptrend fails to gain strength and falters, nearing support at $2,700 despite surging spot ETF inflows.

Shiba Inu Price Forecast: Correction looms amid whale sell-off and falling supply in profit 

Shiba Inu Price Forecast: Correction looms amid whale sell-off and falling supply in profit 

Shiba Inu's supply in profit drops significantly as whales offload SHIB amid low performance. Optimism wanes in Shiba Inu derivatives as Open Interest and the Long/Short ratio decline. 

Bitcoin Price Forecast: BTC edges below $108,000 as geopolitical risks weigh on sentiment

Bitcoin Price Forecast: BTC edges below $108,000 as geopolitical risks weigh on sentiment

Bitcoin price continues its pullback, trading below $108,000 on Thursday, following the previous day's decline. Risk-off sentiment rises as the conflict in the Middle East escalates, with reports suggesting that Israel is readying an imminent attack on Iran.

Bitcoin: BTC could slump to $100K amid Trump-Musk tussle

Bitcoin: BTC could slump to $100K amid Trump-Musk tussle

Bitcoin (BTC) tumbled to a low of $101,095 on Friday amid volatility in the market. The effect of the tussle between United States (US) President Donald Trump and Tesla Chief Elon Musk negatively influenced the NASDAQ and Tesla's stock price on Thursday, although both are recovering on Friday.

The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

BTC

ETH

XRP