 ▲ Bitcoin (BTC), decline, bear market / ChatGPT-generated image |
Analysts are warning that Bitcoin (BTC) could retreat to the $45,000 level in the short term as technical indicators deteriorate and buying momentum weakens.
According to cryptocurrency media outlet The Crypto Basic on March 9 (local time), Bitcoin is currently blocked by strong resistance, losing upward momentum and continuing a precarious movement while testing its support levels. Many market analysts diagnose that if Bitcoin consecutively loses the key psychological support levels of $60,000 and $52,000, downside pressure could accelerate. In particular, veteran analyst Peter Brandt cautioned investors, noting that the current chart pattern indicates a typical downtrend.
Brandt pointed out that Bitcoin failed to break above a double-top pattern formed at its peak, suggesting that bearish energy is building in the market. “If Bitcoin fails to achieve a short-term rebound, a correction to the $45,000 level would be a very natural technical process,” Brandt explained. Major technical indicators such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are also showing weakness in bearish territory, lending support to this view.
Liquidity flows within exchanges are also far from optimistic. Recent increases in Bitcoin inflows to major exchanges are heightening potential selling pressure, significantly dampening retail investor sentiment. According to data from Santiment, the Market Value to Realized Value (MVRV) ratio remains in an overvalued zone, leading many to believe that further price declines may be inevitable before a true bottom is established.
Macroeconomic uncertainty is another major factor weighing on Bitcoin. Geopolitical issues, such as discussions among G7 nations about releasing strategic oil reserves, are fueling risk-off sentiment and accelerating capital outflows across the broader cryptocurrency market. If Bitcoin falls to the $45,000 level, major altcoins, including XRP, are also likely to struggle to avoid sharp declines.
The market’s attention is now focused on whether Bitcoin can defend support in the low $50,000 range. Analysts advise investors to refrain from premature bottom-fishing and instead wait for volatility to subside and clear signs of a trend reversal to emerge. Bitcoin’s next move is expected to depend on the trajectory of global liquidity supply and the pace of institutional financial adoption.
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