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.
Following a sharp drop to $75k, Bitcoin price managed to return above the $80k mark this week.
Trump’s proposal for establishing a strategic crypto reserve initially received limited interest from cryptocurrency fans since traders believed regulatory actions would arise from the announcement.
However, the administration made it clear that it would not engage in extra cryptocurrency purchasing or mining activities. This led to a sharp fall in major cryptocurrencies, like Bitcoin, Ethereum, ADA etc.
Mt. Gox Fund Transfers Raise Investor Concerns
Large Bitcoin transfers on Mt. Gox captured market attention during recent days when the record setting $905 Million transactions occurred on March 11.
The price movements of Bitcoin alongside massive Bitcoin transfers have led some analysts to warn about additional market selloff which could intensify market instabilities.
On March 6, the exchange initiated a second substantial BTC transfer of 12000 BTC worth $981 million whereas some funds reimbursed BitGo’s creditor to settle outstanding debt.
Some experts believe Bitcoin follows historical price patterns despite previously reported negative events. Historically, the third year of Bitcoin’s bull market phases brought substantial price fluctuations.
According to veteran on-chain analyst Ali Martinez the normal behaviour in a third year bull cycle includes volatility but strategic traders might still find opportunities to turn a profit during these price changes.
Bitcoin Price Analysis: What’s Next for BTC?
On March 11, 2025 Bitcoin dropped immediately to $76,800 before regaining stability at the $81,500 mark.
On the same day, Mt. Gox declared it had relocated thousands of bitcoins. Unsurprisingly, the price dropped soon after.
Mt. Gox transferred approximately 11,833 BTC with an estimated value over $900 Million to an unnamed wallet address.
Some of these funds served to credit warm wallets belonging to creditors. Similarly, past market events concerning potential dumping operations triggered controversies about Bitcoin value depreciation.
Glassnode data reveals that the current price decline stands as a moderate loss compared to historical periods of price adjustments.
On-chain data from Glassnode shows that Bitcoin suffered larger loss amounts between late February and early March 2023 when its correction exceeded $900,000 during the Feb 25 – Mar 4 period.
The March 10, 2025 cumulative loss amounts to $377 Million. Bitcoin’s decreased price has resulted in a reduced percentage of loss compared to its values from previous weeks.
Moreover, on-chain data revealed that BTC has been seeing outflows in the past 48 hours. In fact, the cryptocurrency had $81 Million in spot outflows in the past 24 hours alone.
The surge in spot outflows suggested that investors are still focused on short term profit takings. This could potentially offer insights into the current state of demand.
It signifies that the short term sentiment was cautious and investors do not prefer holding their traders too long amidst sharp volatility.
The immediate support zones were $80k and $78k, whereas the resistance zones were $85k and $88k.
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.
