Bitcoin dips to $80K in ‘ugly start,’ could retest key resistance
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
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Bitcoin's price drop triggered long liquidations, leading to short dominance and bearish sentiment.
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