- Bitcoin traded as low as $78,112 on Monday, down 8% within the past 24 hours.
- Strategy CEO has delivered two key announcements that could influence Bitcoin’s next big move.
- The Death Cross pattern on the 12-hour chart suggests bulls could struggle to regain momentum in the near term.
Bitcoin price dipped as low as $78,112 on Monday as bears forced another 8% downtrend. Can MicroStrategy’s recent bullish announcements halt the downtrend?
Bitcoin (BTC) tests new lows around $78K as Bybit hacker moves stolen funds
Bitcoin (BTC) tumbled to record lows as multiple bearish catalysts combined to drive market sentiment downward. The latest United States (US) Nonarm Payrolls (NFP) report signaled rising inflation, triggering capital flight from risk assets into fixed-income instruments as investors braced for a hawkish Federal Reserve (Fed) stance.
Adding to the bearish pressure, on-chain data trends revealed significant outflows from the Bybit hacker-controlled wallets on Monday. The attacker executed multiple transactions cashing out hundreds of millions, sparking panic among BTC short-term traders.
Bitcoin Price Analysis, March 10, 2025 | TradingView
These factors intensified selling pressure, sending Bitcoin price as low as $78,112 on Monday. At press time, BTC struggled to reclaim the $79,000 level, with weak demand suggesting further downside risk.
Saylor confirms $21B Bitcoin purchase plan after $100 trillion Bitcoin revenue proposal at White House Summit
Strategy has announced a $21 billion capital raise through the issuance of its 8.00% Series A Perpetual Strike Preferred Stock.
The sales agreement, filed with the US Securities and Exchange Commission (SEC) on Monday allows the company to issue shares under an at-the-market (ATM) program, gradually selling them over time.
Strategy intends to use the net proceeds for corporate purposes, including large-scale Bitcoin acquisitions and working capital.
The offering will be conducted through 12 financial institutions, including TD Securities, Barclays Capital and Cantor Fitzgerald, which will manage stock sales on the Nasdaq Global Select
Market under the ticker ‘STRK.’ The preferred shares are convertible into Strategy’s Class A common stock, offering flexibility for institutional investors.
Michael Saylor, Strategy’s co-founder and chairman, also presented a broader crypto strategy at the White House Digital Assets Summit.
He projected that the US could unlock up to $100 trillion in economic value over the next decade by establishing a clear regulatory framework for cryptocurrencies.
Saylor categorized digital assets into four classes: Digital Tokens for capital creation, Digital Securities for market efficiency, Digital Currencies to strengthen the Dollar’s role in global trade, and Digital Commodities like Bitcoin for wealth preservation.
Saylor’s long-term vision includes the US acquiring 5%-25% of Bitcoin’s total supply by 2035, potentially generating between $16 trillion and $81 trillion by 2045.
He argued that a structured approach to digital asset regulation would reduce market uncertainty, integrate cryptocurrencies into traditional finance, and cement the US Dollar’s dominance amid growing de-dollarization efforts by BRICS nations.
Bitcoin price outlook:
Michael Saylor’s latest move to secure $21 billion in capital for Bitcoin acquisitions underscores growing institutional confidence in BTC’s long-term trajectory.
His strategic accumulation, coupled with his broader vision of integrating Bitcoin into traditional finance, could set the stage for renewed bullish momentum in the coming months.
However, in the short term, Bitcoin’s 8% price dip on Monday confirms that bears have gained a foothold, capitalizing on dual bearish catalysts.
The hawkish Federal Reserve outlook has driven risk-off sentiment across markets, while the Bybit hacker’s large-scale fund movements have exacerbated selling pressure. As a result, Bitcoin’s price action remains under pressure and without an instant recovery above $80,000, further downtrend remains on the cards.
Bitcoin price forecast: Death Cross signals suggest more losses ahead if BTC fails to close above $80,000
Bitcoin price has taken another bearish turn, declining 8% on Monday as traders reacted to the dual pressures of hawkish Federal Reserve expectations and a surge in selling pressure linked to the Bybit hacker offloading stolen funds.
The 12-hour chart shows BTC flashing a bearish Death Cross, a pattern that occurs when a short-term moving average crosses below a longer-term moving average.
Bitcoin Price Forecast (BTCUSD)
The crossover between BTC 5-day SMA and 13-day SMA suggests weakening momentum and an increased probability of a prolonged market downtrend.
Historically, Bitcoin has seen sharper declines following such formations, particularly when reinforced by macroeconomic headwinds.
If BTC fails to regain $80,000, sellers may push for deeper lows near $76,000.
Despite the near-term bearish structure, Michael Saylor’s aggressive accumulation strategy could provide a longer-term bullish outlook.
His $21 billion capital raise plan signals strong institutional demand for Bitcoin, which may counteract selling pressure in the months ahead.
However, in the immediate term, leverage traders may be unwilling to cover their long positions, leaving BTC open to further downside risks.
