On March 10, Arthur Hayes, co-founder of the BitMEX derivatives exchange, shared his insights on social media regarding the cryptocurrency market's movements. According to him, Bitcoin is experiencing a less-than-positive start to the week and may retest the key support level at $78,000. If this level is breached, Bitcoin’s price could continue its correction down to $75,000.
Hayes emphasized that there is a significant amount of open interest in the $70,000 to $75,000 price range. This means that if Bitcoin enters this zone, the market could witness a sharp increase in volatility. Investors should closely monitor key price levels and capital flows to assess the market’s next trend.
Currently, Bitcoin has experienced a sharp decline over the past day. Specifically, BTC has dropped from $86,000 to $81,500, causing altcoin prices to plummet as well.