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Read expert analysis on what could drive XRP to new highs here.
Bitcoin Tumbles Below $80k Amid Flight to Safety
On March 10, BTC dropped below $80k for only the second time since Trump’s election victory-fueled rally to an Inauguration Day record high of $109,231.
Disappointment over Trump’s SBR Executive Order and concerns about a US recession impacted BTC demand, the crypto market’s bellwether.
Santiment, a crypto market intelligence platform, analyzed market sentiment, stating:
“Social media is showing a massive level of fear, with Bitcoin being associated with sub-$70K levels at the highest rate since the Feb. 27 crash. The true capitulation point (and optimal buy spot) will be when low prices ($50K-$69K) are being predicted across social media with very little mention of high prices ($100K-$119K).”
However, despite the market gloom, Santiment offered some optimism, saying:
“But since March 3, wallets with 10+ $BTC have accumulated nearly 5,000 Bitcoin back into their collective wallets. Prices have not reacted to their buying just yet, but don’t be surprised if the 2nd half of March turns out much better than the bloodbath we’ve seen since Bitcoin’s ATH 7 weeks ago… assuming these large key stakeholders continue their coin collecting.”
US BTC-Spot ETF Market Outflows Weigh on BTC Price Trends
The US BTC-spot ETF market recorded net outflows of $739.2 million in the week ending March 7, extending its losing streak to four weeks. On March 10, BTC-spot ETF issuers faced another day of net outflows.
According to Farside Investors:
- Fidelity Wise Origin Bitcoin Fund (FBTC) had net outflows of $134 million.
- Grayscale Bitcoin Trust (GBTC) saw net outflows of $20.6 million.
Excluding flow data for iShares Bitcoin Trust (IBIT), the US BTC-spot ETF market recorded $175 million in net outflows.
Julio Moreno, Head of Research at CryptoQuant.com, commented on institutional demand, stating:
“US spot ETFs are now net sellers of Bitcoin so far this year. At this point last year they had purchased net 165K Bitcoin.”
BTC-spot ETF flows play a crucial role in Bitcoin’s supply-demand balance, influencing its price trajectory.
Bitcoin Price Scenarios: Key Levels to Watch
On March 10, BTC slid by 2.62%, following Sunday’s 6.41% tumble, closing at $78,620. US tariff-triggered recession fears weighed on institutional and retail demand, leaving BTC at sub-$80k for the first time since November 9.
Potential price scenarios:
- Bearish: Rising trade tensions, opposition to the Bitcoin Act, and continued BTC-spot ETF outflows could pull BTC toward $70,000.
- Bullish: Easing trade tensions, growing lawmaker support for the Bitcoin Act, and renewed ETF inflows could push BTC toward $109,312.
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