Nearly every crypto investor felt the pain as Bitcoin plummeted to $79,170 on March 10, 2025, marking a steep 14% decline in just 24 hours. The crash erased billions in market value, sending Bitcoin’s market cap spiraling down 20.2% over the past month. Just weeks after celebrating its all-time high of $92,000 in February, crypto’s poster child is now struggling to maintain the $80,000 support level.
Macroeconomic jitters are largely to blame. Recession fears coupled with regulatory crackdowns in the U.S. and Europe sent investors running for the exits. Throw in massive liquidations of long positions and institutional profit-taking, and you’ve got yourself a perfect storm. This downward pressure follows Bitcoin’s earlier peak at nearly $74,000 in mid-March 2024. The limited supply cap of Bitcoin at 21 million coins hasn’t been enough to prevent the current sell-off. No surprise Bitcoin is following U.S. equities down the drain.
The bloodbath wasn’t limited to Bitcoin. Ethereum cratered to a 17-month low of $1,790. Altcoins like Solana and Dogecoin weren’t spared either, dropping 8-10%. A staggering $692 million in positions got liquidated across the crypto economy. Ouch.
Technical indicators aren’t looking pretty. Bitcoin smashed through its 200-day EMA at $85,722, with the RSI pointing firmly downward. The MACD’s flashing red—never a good sign. Some analysts are eyeing $70,000 as the next support level, while the real doom-and-gloomers predict a potential bottom around $57,000. Arthur Hayes remains surprisingly optimistic, suggesting this dip will lead to a remarkable rebound to $250K by early next year.
Institutional investors—once the market’s steadying force—are heading for the hills. BlackRock’s Bitcoin ETF recorded three straight days of outflows. Grayscale? Selling. Even MicroStrategy’s famous Bitcoin hoard is bleeding value by the billions.
Market sentiment has taken a nosedive, with the Crypto Fear & Greed Index plunging from 72 to 48. Put options are suddenly in vogue as traders brace for more pain. In just 24 hours, 239,539 traders got liquidated, with $216 million in long Bitcoin positions wiped out.
All eyes are now on upcoming economic data—JOLTS, CPI, PPI, and jobless claims. These reports could either trigger a relief rally or push Bitcoin off another cliff. Hold on to your hats.
