Key Insights:
- Bitcoin’s price dip to $76,800 is mild compared to earlier corrections, with losses hitting $377M as of March 10, 2025.
- Mt. Gox moved 11,833 BTC on March 11, fueling concerns over potential market sell-offs and further volatility.
- Bitcoin near the lower Bollinger Band signals possible oversold conditions, historically leading to price bounces.
Bitcoin price has recently experienced a sharp drop, falling to a four-month low of $76,800. Despite this, the losses are still lower than those seen during previous corrections in February and March. Some analysts are now questioning whether this pullback presents a buying opportunity or signals further downside risks for the cryptocurrency.
Bitcoin Price Recent Price Movement
On March 11, 2025, Bitcoin quickly fell down to $76,800 but came back up to stay around the $81,500 mark. This decline has occurred on the same day that Mt. Gox, a defunct Bitcoin exchange, announced it had transferred thousands of Bitcoins. Mt. Gox transferred about 11,833 BTC, which is over $900 million, to a new wallet.
Some of this was used for crediting to creditors’ warm wallet. Typically, similar movements have stirred controversy on possible market dump, which could cause further decline in the value of Bitcoin.
Nonetheless, according to Glassnode, the current price decrease can be considered moderate compared to other periods of loss realization. Analyzing on-chain data from Glassnode, it can be seen that Bitcoin’s losses during the corrections in late February and early March were much higher, exceeding $ 900,000 in corrections on Feb 25 – Mar 4.
Cumulatively, as of March 10, 2025, a loss of $377 million was identified. This means that even though the price of Bitcoins has gone down, the relative loss when compared to the previous weeks is smaller.
Mt. Gox Transfers and Market Concerns
Large transactions on Mt. Gox have sparked interest in the market in recent days, including a record $905m worth of Bitcoin transferred on March 11. These transfers when combined with the fluctuations that have occurred in the price of Bitcoin have prompted others to note that more Bitcoins may be sold in the market thereby escalating instabilities.
This followed another massive transfer of 12,000 BTC ($981 million) on March 6, some of which was paid to creditor for debt to BitGo.
Despite these negativities, some analysts believe that the price of Bitcoin is mimicking historical price movements. Traditionally year three in the Bitcoin bull market had big swings in the price of BTC/USD. Veteran on-chain analyst Ali Martinez pointed out that the third year of a bull cycle commonly experiences volatility. And that it is still possible for smart traders to earn some profits amidst the fluctuations.
Bitcoin price Bearish Momentum and Potential for Reversal
Nevertheless, there are several technical signs which point towards a possible upside influence for Bitcoin in the future. The MACD is getting worse with deepening red histogram bars which imply bearish momentum.
Nevertheless, if it means that price is still at the crucial support levels now joining the signal of a bullish crossover in MACD, then it can change its trend.
Furthermore, Bitcoin price is currently trading close to the lower Bollinger band. A factor that may suggest that the cryptocurrency is oversold. Typically, when Bitcoin is bouncing off the lower Bollinger Band. We have witnessed a rebound, but if the bearish pressure persists, the price target below could be $66 k. These are some of the metrics that observers are closely watching to know whether. Bitcoin is headed to a rebound or will continue to struggle.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only. And they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
