Bitcoin (BTC) hovered around $82,000 on Monday after a nearly 15% drop last week. This price correction triggered a wave of liquidations across the crypto market, totaling **$687.73 million in the past 24 hours. According to QCP Capital, the Bybit hackers cashed out at least $300 million** of their record $1.5 billion crypto theft on Sunday, causing BTC to dip further and disrupting momentum.
Bitcoin’s Price Drop Wipes Over $690 Million from the Market
Bitcoin’s price saw a slight recovery to ~$82,800 during European trading hours on Monday after last week’s steep decline. On Sunday alone, BTC fell over 6%, hitting a low of $80,000.
This downturn led to $687.73 million** in liquidations within 24 hours (Coinglass data). The largest single liquidation order occurred on Binance’s BTC/USDT pair, valued at **$32.09 million.
👉 Why is Bitcoin volatility surging?
In an exclusive interview, Ryan Lee, Chief Analyst at Bitget Research, told FXStreet:
"Bitcoin faces a critical week, with support levels between $70,000–$75,000 and resistance at $85,000–$87,000. Failure to hold $77,000 could push BTC toward $70,000–$72,000. A rebound from $75,000 may reclaim the $80,000–$85,000 range."
Key Macroeconomic Data Awaited by Bitcoin Investors
Lee added that mid-week could test $72,000–$75,000, with potential stabilization near $83,000 by March 18–19, depending on broader market sentiment and external factors like:
- Regulatory news
- Upcoming FOMC meeting
QCP Capital’s report highlighted heightened volatility ahead of major U.S. macro data releases:
- Wednesday: Consumer Price Index (CPI)
- Thursday: Producer Price Index (PPI)
Last Friday’s Non-Farm Payrolls (NFP) offered some relief, strengthening expectations for a Fed rate cut in May. However, momentum was disrupted by the Bybit hackers cashing out $300 million of stolen assets, causing BTC to drop again.
QCP analysts noted:
"Today’s sell-off may be exacerbated by holders preemptively hedging against further hacker-driven supply dumps. Risk reversals show increased demand for put options, reflecting concerns about additional downside pressure."
Bitcoin Price Forecast: BTC Bears Target $78,000
Bitcoin price broke below its 200-day EMA ($85,754)** on Sunday, closing **6.37% lower**. At press time, BTC trades near **$81,800.
Downside Scenarios:
- Test $78,258 (February 28 low).
- Break below → $73,072 (next support level).
Technical indicators signal bearish momentum:
- RSI: 36 (neutral rejection at 50 last week).
- MACD: Bearish crossover (sell signal).
Upside Potential: Recovery toward $85,000 if bullish reversal occurs.
(Correction: March 10, 12:12 GMT — Liquidations totaled $687.73 million, not $687.73.)
Bitcoin and Cryptocurrency FAQs
What is Bitcoin?
Bitcoin is the largest cryptocurrency by market cap, designed as decentralized digital money.
What are altcoins?
Altcoins refer to any cryptocurrency besides Bitcoin (though some exclude Ethereum from this category).
What are stablecoins?
Stablecoins are crypto assets pegged to stable reserves (e.g., USD) to minimize volatility.
What is Bitcoin Dominance?
Bitcoin’s market cap relative to the total crypto market. High dominance often precedes bull markets.
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