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Bitcoin (BTC<\/a>) price has declined by more than 6.5% over the last two days after rallying to $88,000 at the beginning of the week.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> shows that the price of Bitcoin dropped from a high of $87,500 on March 28 to an intra-day low of $81,900 on March 29.<\/p>\n BTC\/USD daily chart. Source: Cointelegraph\/<\/em>TradingView<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n Bitcoin\u2019s price drop coincides with a marketwide drawdown fueled by uncertainties over Trump\u2019s trade tariffs and poor economic data. The ensuing sell-off in stocks has left market participants wondering how much deeper the drawdown can go.<\/p>\n BTC continued mounting losses<\/a> on March 29, down 3% over the last 24 hours to trade just above $82,000.<\/p>\n Key points:<\/p>\n BTC price fell<\/a> as low as $81,983 on Bitstamp, wiping out all the gains from earlier this week.<\/p>\n<\/li>\n This came as US inflation data came in hotter than expected<\/a>.<\/p>\n<\/li>\n The February US Personal Consumption Expenditures (PCE<\/a>) Index reading showed inflation quickening \u2014 in contrast to the January print<\/a>.<\/p>\n<\/li>\n While the month-on-month and year-on-year PCE tally met market expectations of\u00a0 0.3% and 2.5%, respectively, their core PCE equivalents were both 0.1% higher than anticipated.<\/p>\n<\/li>\n The implementation of broad-scale US tariffs next week\u2014the so-called Liberation Day on April 2\u2014also compounded investor concerns across markets<\/a>.<\/p>\n<\/li>\n 24-hour crypto market liquidations hit $338 million, per data from monitoring resource CoinGlass.<\/p>\n<\/li>\n Bitcoin wiped out more than $165 million in long positions between March 28 and March 29.<\/p>\n<\/li>\n<\/ul>\n Crypto liquidations (screenshot). Source: CoinGlass<\/em><\/p>\n<\/figcaption><\/figure>\n Additional data from CoinGlass showed intensive bands of buyer interest within the $70,000-$80,000 range in the six-month timeframe.<\/p>\n<\/li>\n This suggests that Bitcoin\u2019s price might drop further<\/a> to sweep the liquidity within this range before staging a sustained recovery.<\/p>\n<\/li>\n<\/ul>\n BTC\/USDT liquidation heatmap (screenshot). Source: CoinGlass<\/em><\/p>\n<\/figcaption><\/figure>\n In the short term, Bitcoin appears to have taken out \u201ca lot of liquidity,\u201d with a local bottom sitting within the $82,000 and $80,000 range, according to analyst Stockmoney Lizards.<\/p>\n With major short liquidation levels sitting above $88,000, the analyst said<\/a> that Bitcoin could be experiencing a classic weekend correction with a possible reversal next week.<\/p>\n \u201cTypical weekend dump with next week\u2019s reversal? At least, this is a possible scenario.\u201d<\/p><\/blockquote>\n Related:\u00a0 <\/strong><\/em>Bitcoin price falls toward range lows, but data shows \u2018whales going wild right now\u2019<\/strong><\/em><\/a><\/p>\n From a technical perspective, BTC\u2019s price decline on March 29 is part of its prevailing bear flag<\/a> pattern.<\/p>\n Key points:<\/p>\n A bear flag suggests a continuation of the bearish momentum, with sellers taking control.<\/p>\n<\/li>\n A temporary consolidation (flag) formed near $88,000, indicating a failed breakout attempt.<\/p>\n<\/li>\n Bitcoin broke below key support levels, including the lower boundary of the flag at $85,800 at the 200-day simple moving average (SMA).<\/p>\n<\/li>\n This confirmed the bear flag breakdown, pointing to more losses.<\/p>\n<\/li>\n<\/ul>\n ETH\/USD daily chart. Source: Cointelegraph\/<\/em>TradingView<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n The measured move target from the pattern suggests a potential decline toward $62,000, representing a 25% decline from the current level.<\/p>\n<\/li>\n The relative strength index<\/a> remains below the mid-line, reinforcing the bearish momentum.<\/p>\n<\/li>\n<\/ul>\n Founder of MN Capital, Michael van de Poppe, argued that Bitcoin will likely some more downward momentum as the trend remains lower.\u00a0He adds that the price could retest the lows at $76,600 \u201cbefore going back upward.\u201d<\/p>\n It seems to be vital that we’re seeing some more downwards momentum on the markets for #Bitcoin<\/a>.<\/p>\n Trend is still lower highs and lower lows.<\/p>\n Test at the lows before reversing back up? pic.twitter.com\/8ULlJqoGRh<\/a><\/p>\n \u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) March 28, 2025<\/a><\/p><\/blockquote>\n According to macroeconomic market analyst Capital Flows, however, Bitcoin could correct to the $72,000-$75,000<\/a> region if liquidity conditions remain unchanged.<\/p>\nBitcoin wipes out liquidity in tumble to $81,000<\/strong><\/h2>\n
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Bitcoin bear flag hints at $62,000<\/strong><\/h2>\n
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