Bitcoin (BTC) reversed in the classic way on March 10 after the bulls again failed to maintain higher levels.
Hourly candlestick chart BTC / USD (bit stamp). Source: Trading View
Bart returns to the bitcoin chart
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD formed a distinct “Bart Simpson” recovery pattern overnight on Wednesday.
The pair managed to break over $ 42,000 before consolidating, but the lack of support means that a withdrawal to the previous trading area below $ 40,000 was a known sad result.
These Bart formations have appeared several times in recent weeks and confirm the difficulties of the market, which has been stuck in a stable trading area for several months.
As such, those hoping for a continuation of the trend have been disappointed with the liquidation of the cryptocurrency in 24 hours at the time of writing, a total of $ 211 million, according to analyst source Coinglass.
Cryptocurrency filter chart. Source: Coinglass
“Roast beef this morning,” noted crypto-trader Ed, who described the end of a trend at Wednesday’s peaks, Twitter followers said.
“It’s not PA, it’s PP Ping Pong, and yes, Asians have always been good at Ping Pong,” he added, noting both the ups and downs of “Bart” happening in Asian market times.
Meanwhile, the US Consumer Price Index (CPI) data for February will be released on March 10 and is expected to show that inflation remains at 7.9% on an annual basis.
“The CPI will be released tomorrow and the FOMC meeting will take place in less than a week (March 15-16),” trader and analyst Matthew Hyland predicted in a March 9 tweet.
“I expect volatility going forward, but there will be more security as a result.”
The attached chart confirmed that key BTC / USD resistance levels will break with support of $ 36,300 and $ 33,000.
BTC / USD chart with identified key levels. Source: Matthew Hyland / Twitter
Altcoins in clone
Similarly, bitcoin volatility has cost altcoins much of their recent rally, with Ether (ETH) falling 5.1% to below $ 2600.
Related: Price analysis 3/9: BTC, ETH, BNB, XRP, LUNA, SOL, ADA, AVAX, DOT, DOGE
Several other cryptocurrencies in the top 10 by market value were just as dismal the same day that ex-Terra (LUNA) managed to stay close to its $ 100 heights.