The Wild Bitcoin Rollercoaster: How Low Can It Go?

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When morning broke in the lands of the rising sun, Bitcoin (BTC) and its motley crew of major tokens took quite the tumble, more than 3% to be exact, as the revelry of Thursday’s rally faded like a farmer’s harvest on a dry season. The profits were plucked before anyone could say “Hodl!” 🌾

The entire crypto market, once strutting with a puffed-up chest, saw its capitalization dwindle by 3.2% in a mere 24 hours. Bitcoin, that infamous fireball of excitement, slid from a lofty $86,000 to a sobering underbelly of $84,000. In the meantime, ether (ETH) meandered below the $2,000 mark, and Solana’s SOL decided it needed to lose 5% just to keep things interesting. 🤷‍♂️

XRP, ever the steady Eddie, brought Wednesday’s exciting 10% spike down to a meek 4.8% gain over the week. Meanwhile, BNB Chain’s BNB grinned like the Cheshire Cat, racking up a snug little 8% gain for the week. Talk about a tale of two fortunes!

At the time of scribing this saga, only Tron’s TRX and the ever-mysterious TON could be seen dancing in the green, both rising a modest 2% as if to mock the heavyweights. TRX made history, floating on Solana for the first time, likely hoping to charm a few new users into its fold. TON, on the other hand, piqued retail interest after the Toncoin Foundation bragged that venture capitalists had stuffed $400 million worth of this asset into their plush pockets. 💸

The ghost of Wednesday’s Federal Open Market Committee (FOMC) meeting was a brief gust of fresh air, sending BTC dancing past $85,000, all because the Fed decided not to break the interest rates. Who knew a lack of bad news could be good news? But, lo and behold, the Fed somewhat cryptically announced they’d begin to scale back their “quantitative tightening” come April, leading traders to interpret it as a quiet hint of rate cuts. Witty those traders are, indeed! 📈

“The odds of BTC sneaking over $100K by June 30 have risen from a paltry 20% to an exhilarating 30%,” Dr. Sean Dawson, the sage of research at derive.xyz, chimed in to CoinDesk through the magic of email. Well, isn’t that just a thrill ride waiting to happen!

“As for ETH, the probability of it clinging to $2,000 by the same date has turned into a flip of the coin — was at a decent 40% a day ago. Nearly 60% of ETH options traded on Derive.xyz in the last 24 hours were calls bought, evincing a bullish sentiment. For BTC, 34% of all volume was scooped up, perhaps reflecting a prudent demand for some safety nets,” Dawson expounded further, making the narrative as plush as a farmer’s quilt.

FxPro’s very own Alex Kuptsikevich, a fellow seer of market mysteries, keeps eyes trained on the $80,000 support level, which he deems a critical watchpoint. “Important to note,” he said, quoting his own wise self in a Telegram message, “the crypto market has yet to breach its 200-day moving average, which hovers close to $2.9 trillion. A vigorous rally above this threshold could usher in a hearty buying phase, but beware! The Bears are lurking, ready to spring a trap just like they have many times before!” 🐻

“For Bitcoin to keep riding high on the excitement wave, it must not tumble below this pivotal level. Should it manage to hold its ground, a renewed zest for purchasing those weary coins that have been sulking in correction mode may very well be sparked,” he added, referencing the broader altcoin and memecoin markets. It’s a wild world, wouldn’t you say? 🤪

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2025-03-21 11:21