Bitcoin’s Wild Ride: Will It Crash or Soar? The Drama Unfolds! 🚀💸

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Ah, the price of Bitcoin, that fickle mistress! Today, it has succumbed to the weight of selling pressure, correcting another 2% and tumbling down to the disheartening depths of $81,500. As we gaze upon the grim spectacle of BTC alongside the US equity indices, Nasdaq and S&P 500, we see them entwined in a dance of doom, forming what the analysts ominously call a Death Cross. Will our beloved Bitcoin finally plunge beneath the $80K mark, or will it rise from the ashes like a phoenix? Only time will tell! 🦅

What Happens to Bitcoin Price Next, Along With S&P 500, and Nasdaq?

In the grand theater of finance, Bitcoin has been a loyal companion to the S&P 500 and Nasdaq indices over the years. But lo and behold! In just three trading sessions, the S&P 500 has managed to vaporize a staggering $2 trillion of investors’ wealth. And the drama doesn’t end there—after the curtain fell on Friday, S&P 500 futures took a nosedive, erasing an additional $120 billion in mere moments, as reported by The Kobeissi Letter. Talk about a plot twist! 🎭

Just when we thought there was a glimmer of hope with a brief relief rally in mid-March, it was swiftly crushed under the weight of Trump’s 25% auto tariffs. Bitcoin, too, tried to break free from its chains, attempting a rally past $90,000, only to be met with a harsh rejection at $89,000. And let’s not forget those pesky tariffs on Russia, looming like a dark cloud, threatening to push Bitcoin below the dreaded $80,000 mark. ☁️

According to the wise sages at Barchart, BTC, along with its companions S&P 500 and Nasdaq, is forming a death cross pattern. Analysts are scratching their heads, pondering whether the impending price declines might signal a market bottom. History has shown us that such setups can sometimes herald the end of a downward trend. Buckle up, folks! Major volatility is on the horizon! 🎢

Meanwhile, the ever-eloquent economist Peter Schiff has taken this opportunity to throw shade at Bitcoin’s claim to be Digital Gold. He quips, “Gold is trading in new record territory again this evening. Gold is above $3,090 for the first time, with a new record high so far tonight of $3,097. In contrast, risk assets like stocks and Bitcoin are selling off again. If you still think Bitcoin is digital gold, think again.” Ouch! That’s gotta sting! 💔

Is BTC Following Global M2 Money Supply?

There’s been a persistent tale that Bitcoin’s price will rise in tandem with the global M2 money supply, but crypto analyst Ali Martinez urges caution. He points out a significant trend: the global money supply has actually dropped by nearly $1 trillion over the past two weeks. So much for a liquidity-driven bullish outlook for Bitcoin! 📉

Adding to the drama, Martinez reports a significant sell-off by Bitcoin miners over the past week. They offloaded more than 2,400 BTC, totaling around $220 million. Talk about a miner’s exodus! ⛏️

US PCE, Sticky Inflation Puts Pressure on BTC

In the wake of the core US PCE data release last week, which highlights the relentless grip of inflation, market analysts are on high alert. The tightening of liquidity may linger longer than we’d like to admit. 😬

As of this moment, Bitcoin is trading 1.8% down at $81,664, with daily trading volumes hovering around $17.2 billion. The BTC futures open interest has dipped 2.7%, slipping under $53 billion, while the 24-hour liquidations have soared to $64 million, with $54 million in long liquidations, according to Coinglass data. What a rollercoaster ride! 🎢

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2025-03-31 08:11