Bitcoin

Bitcoin Price Is Trading In This Bearish Flag — What’s The Downside Target?

Published

1 month ago

February 2, 2025

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part – in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books – ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time – he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon – cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment – spreading the crypto gospel to the rest of the world.

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Bitcoin

Bitcoin Bear Market Is Below This Level, Analyst Reveals

Published

3 hours ago

March 12, 2025

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An analyst has explained how a moving average (MA) that has historically served as the boundary for bear markets is situated at this level.

Bitcoin 50-Week MA Is Currently At $75,195

In a new post on X, analyst James Van Straten has shared a couple of important MAs related to Bitcoin. An “MA” is a technical analysis (TA) tool that calculates the average value of any given quantity and as its name implies, it moves in time along with the quantity and updates its value accordingly.

MAs can be taken over any window of time, whether that be just 10 minutes or 10 years. The main use of this indicator is for studying long-term trends, as it helps filter out any short-term deviations in the chart.

Here is the chart shared by the analyst, that shows the trend in the 50-week and 200-day MAs of the Bitcoin price over the past year:

Bitcoin MAs

As is visible in the above graph, the Bitcoin price has dropped below the 200-day MA after the recent market downturn, meaning that the asset’s value now is lower than the average for the last 200 days.

In TA, the 200-day MA is often looked at as a boundary line between bearish and bullish trends, with a breakdown of the level being considered a bad sign. Thus, it would appear that BTC has lost this important level with its latest plunge.

Another level that may divide macro trends, however, is the 50-week MA, which the cryptocurrency still remains above. “Below 50WMA is a bear market,” notes Van Straten. At present, the level is situated around $75,195.

If BTC’s current bearish trajectory continues, it’s possible that this line might be put to test. The analyst has pointed out, though, that the coin has dropped under the 200-day MA a few times before and managed to recover before breaking below the 50-week MA. It now remains to be seen whether a similar pattern would play out this time as well or not.

In some other news, the downwards trajectory of the market has meant that a leverage flush has occurred over on the derivatives side of the sector, as CryptoQuant author Axel Adler Jr has shared in an X post.

Bitcoin Open Interest

In the chart, the analyst has attached the data for the “Open Interest,” an indicator that measures the total amount of derivatives positions related to a given asset that are currently open on all centralized exchanges.

It would appear that the metric has plunged by $668 million for Bitcoin and $700 million for Ethereum.

BTC Price

Bitcoin has made some recovery during the last 24 hours as its price has jumped 7%, reaching the $83,000 level.

Bitcoin Price Chart

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Bitcoin

Arthur Hayes Unveils Bitcoin Bottom Price Target, Predicts Central Banks Stepping In As Stock Market Collapses

Published

5 hours ago

March 12, 2025

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BitMEX co-founder Arthur Hayes thinks downside continuation is possible for Bitcoin (BTC) even after witnessing a 24% correction from its all-time high.

In a new post on the social media platform X, the crypto veteran outlines a series of events that he thinks would pressure the Federal Reserve to pivot and end its restrictive monetary policies.

Hayes sees Bitcoin capitulating alongside the US stock market but says that those events will not be enough to trigger a Fed intervention. According to the Maelstrom CIO, the collapse of traditional financial (TradFi) firms in the US would force the Fed to end quantitative tightening (QT) – a move that would drive other major central banks to follow suit.

“BTC likely bottoms around $70,000. A 36% correction from the $110,000 all-time high is very normal for a bull market.

Then we need stonks, SPX (S&P 500) and NDX (Nasdaq Index) to enter free fall. Then we need TradFi muppet to go under.

THEN we get the Fed, PBOC (People’s Bank of China), ECB (European Central Bank) and BOJ (Bank of Japan) all easing to make their country great again.

THEN you load up the truck.

Traders will try to buy the dip, if you are more risk averse wait for the central banks to ease then deploy more capital. You might not catch the bottom but you also won’t have to mentally suffer through a long period of sideways and potentially unrealized losses.”

According to Hayes, Bitcoin will likely witness wild price swings once it gets close to his downside price target due to the massive number of outstanding derivative contracts, or open interest (OI), at the low $70,000 price area.

“There are a lot of options OI struck at $70,000-$75,000, if we get into that range it will be violent.”

At time of writing, Bitcoin is trading for $82,780, up nearly 5% in the past day.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Bitcoin

Bitcoin Drops Below 200-Day MA – Next Key Support Lies At $66K According To Mayer Multiple

Published

11 hours ago

March 12, 2025

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Bitcoin (BTC) is under severe selling pressure, having lost the $85,000 level just a few days ago. This breakdown has pushed the market to its lowest levels since November 2024, increasing fear and uncertainty among investors. The entire crypto market has been struggling, weighed down by negative macroeconomic conditions and an overall shift in risk-off sentiment.

U.S. President Trump’s policies have added to the volatility and instability, as rising global trade war fears and erratic economic decisions continue to rattle investors. The U.S. stock market has dropped to its lowest point since September 2024, further fueling concerns that broader financial markets are weakening, dragging Bitcoin and other cryptocurrencies down with them.

According to Glassnode data, the Mayer Multiplier suggests that the next key support level for Bitcoin sits at $66,000. If the current sell-off continues, BTC could test this level in the coming weeks, marking a significant correction from its recent highs.

With Bitcoin at a crucial point, traders and investors are closely watching whether BTC can stabilize and reclaim key levels or if further downside is ahead. The coming days will be critical for Bitcoin’s short-term outlook.

Bitcoin Struggles Below 200-Day MA

Bitcoin has been in a consistent downtrend since late January, with fear dominating investor sentiment. Many now believe that the bull cycle is over, as BTC continues to set lower highs and break key support levels. With selling pressure mounting, the market remains under bearish control, and lower targets are being set by cautious investors.

Since the U.S. elections in November 2024, macroeconomic uncertainty and volatility have been major drivers of the market. The rise in global trade tensions, erratic economic policies, and shaken investor confidence have all contributed to Bitcoin’s extended correction. With U.S. stock markets also struggling, Bitcoin has failed to find the momentum needed for a recovery.

Top analyst Ali Martinez shared insights on X, highlighting that Bitcoin is now trading below the 200-day moving average, a key technical indicator that often signals long-term trend direction. According to the Mayer Multiple, the next major support level sits at $66,000. If BTC fails to stabilize above current levels, further selling pressure could send Bitcoin toward this lower support zone in the coming weeks.

Bitcoin Mayer Multiple | Source: Ali Martinez on X

For Bitcoin to reverse its downward trend, bulls must reclaim the 200-day MA around $83,500. A break and hold above this level would indicate strength returning to the market and could prevent further downside. However, if BTC fails to regain momentum, fear and uncertainty will continue to drive prices lower, making the next few weeks crucial for Bitcoin’s market structure. Investors are closely watching price action as Bitcoin remains at a critical point that could define its mid-term trend.

BTC Eyes $85K For Recovery

Bitcoin is currently trading at $81,700 after losing the 200-day Moving Average (MA) at $83,450, a key technical level that previously supported its bullish momentum. With BTC now trading below this critical indicator, the market remains under bearish pressure, and traders are closely watching for signs of a potential reversal.

BTC Struggles Below $85K | Source: BTCUSDT chart on TradingView

For bulls to regain control, BTC must reclaim the $85,000 mark in the coming days. A strong push above this level would indicate renewed buying interest, potentially setting the stage for a recovery rally. However, if BTC fails to break above $85K, the market could see further downside pressure.

If BTC drops below the $80,000–$78,000 range, it will increase the likelihood of a decline toward the next major support levels at $75,000–$72,000. Such a move would reinforce bearish sentiment, delaying any chances of a meaningful recovery in the near term. The next few trading sessions will be critical, as Bitcoin remains in a vulnerable position where either a reclaim of key levels or a deeper correction is imminent.

Featured image from Dall-E, chart from TradingView

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