Bitcoin (BTC) bounced back in the classic fashion on March 10 after bulls again failed to hold higher levels.
BTC/USD 1-hour candlestick chart (bit stamp). Source: TradingView
Bart is back on the Bitcoin chart
Data from Coin-Crypto Markets Pro and Trading Display showed on Wednesday that BTC/USD formed a signature ‘Bart Simpson’ retracement pattern.
The pair had managed to pass $42,000 before consolidating, but a lack of support meant a pullback to the previous trading zone below $40,000 was the grimly familiar outcome.
Such “Bart” formations had come several times over the past few weeks, underscoring the difficulty faced by a market that has been stuck firmly in a set trading range for months.
– Was no follow up in price or volume for deriv bidders
– try to relax their lungs and spoil the market
volume, forecasted funding and open interest tell the story pic.twitter.com/hJD6QVRUek
— Dylan LeClair (@DylanLeClair_) March 10, 2022
Those hoping for an upward continuation were thus disappointed, with cross-crypto liquidations over the 24 hours to the time of writing totaling $211 million, according to data from analysis source. coin glass†
Graph for crypto liquidations. Source: Coinglass
“Fried bulls this morning,” popular trader Crypto Ed, who had called the end of the uptrend on Wednesday, told Twitter followers.
“This is not PA but PP Ping Pong And yes, Asians have always been good at Ping Pong,” he added, referring to both the upward and downward slopes of the “Bart” that occur during Asian market hours.
Meanwhile, the release of US Consumer Price Index (CPI) data for February was due on Thursday, indicating that inflation is still high at an estimated 7.9% YoY.
“CPI number is out tomorrow and the FOMC meeting is less than a week away (March 15-16),” trader and analyst Matthew Hyland predicted in part of a tweet Wednesday.
“I expect volatility in the future, but therefore more certainty.”
A companion chart underlined the key resistance levels for BTC/USD to overcome along with support near $36,300 and $33,000.
BTC/USD chart with key levels highlighted. Source: Matthew Hyland/ Twitter
Altcoins in copycat U-turn
Bitcoin’s volatility also cost altcoins much of their last gains, with Ether (ETH) falling 5.1% to below $2,600.
Related: Price Analysis 3/9: BTC, ETH, BNB, XRP, LUNA, SOL, ADA, AVAX, DOT, DOGE
Many others of the top ten cryptocurrencies by market cap were equally gloomy on the day, with previous high-flyer Terra (LUNA) still managing to hover around $100.
LUNA/USD 1 Hour Candlestick Chart (Binance). Source: TradingView