Bitcoin (BTC) price bounces back to $82k after visiting $80k. A triangle breakdown amid the recent crash warns of the $75k retest.

With another wave of liquidations in the crypto market worth $619 million in the past 24 hours, Bitcoin momentarily reached the $80,000 level. Currently, Bitcoin trades at $82,520 with an intraday recovery of 2.25%.

This comes after a 6.36% crash on Sunday. With a new bearish engulfing on the chart and the lowest closing price since November 11, 2024, is Bitcoin bound to test the $75,000 mark? Let’s find out.

Bitcoin Down to $80k, Warns $75k Retest

In the daily chart, the BTC price trend showcases a bearish reversal from the 78.60% Fibonacci level, leading to a triangle breakdown. During the four-day crash, BTC price registered a downfall of nearly 11% to crash below a long-coming support trend line.

Moreover, Bitcoin undermined support at the 61.80% Fibonacci level. The bearish engulfing candle formed on Sunday has signaled a potential selling opportunity, coinciding with the triangle breakdown.

Currently, the intraday recovery is teasing a potential retest of the broken trendline. However, the technical indicators maintain an optimistic viewpoint. The daily RSI line reveals a bullish divergence in the BTC price trend.

Furthermore, the Chaikin Money Flow Index remains positive despite the intense pullback. Hence, if BTC manages to sustain a closing price above the 61.80% Fibonacci level, a short-term consolidation could improve the timing of a bullish recovery.

Based on the Fibonacci levels, the immediate critical resistance for Bitcoin is the 78.60% level at $91,780.

On the flip side, if BTC reverses after retesting the broken support trendline, a bearish continuation could follow. In that case, the 50% Fibonacci level at $75,533 could become a potential price target.

Fear in Crypto Similar to Previous Crashes

In a recent tweet, crypto analyst Inmortal pointed out the growing fear in the market. By referencing the Crypto Fear and Greed Index, the analyst noted that current fear levels are comparable to those seen during the COVID-19 crash and the 2022 market bottom.

However, as observed during the COVID-19 crash and the 2022 bottom, the market followed with a V-shaped reversal. Given that the market is at similar fear levels, there’s a possibility that it may follow the same historic trend and recover in a similar V-shaped pattern.

On-chain data revealed $1.8 billion worth of Ethereum left exchanges last week. The outflows are the largest seen since December 2022. The withdrawals suggest investors are moving ETH to their private wallets for long-term accumulation.

On-chain data revealed approximately 845,000 ETH left exchanges last week. The withdrawals are the highest weekly amount since December 2022. The outflows coincide with increased selling pressure as the crypto markets experience a downward trend.

Data indicates over $1 billion worth of ETH exited exchanges last week

Coinmarketcap data revealed Ethereum experienced increased volatility in the past month. The asset has lost over 50% of its value since December 2024. The coin is currently trading at $2,073, a 4% decline in the past 24 hours. The volatility comes after President Trump announced he would create a U.S. crypto reserve and include Ethereum in it.

massive $1.8B [ $ETH ] outflow from exchanges last week – biggest since Dec 2022

rlly makes u think…while everyone's doom posting, smart money quietly accumulating at these levels + largest weekly outflow in 9 months literally screams accumulation szn pic.twitter.com/NeGwXdc33b

— DeFi Protocol Sage 🏛️ (@DeFiProtocolist) March 10, 2025

Investors claimed that Trump’s announcement left more uncertainity in the market. They remained cautious as Ethereum tried to reclaim ground.

On-chain data indicate that investors withdrew over 330,000 from exchanges after the president’s announcement on Thursday. The outflows suggested investors were moving Ethereum into private wallets. The withdrawals signal reduce selling pressure and possible long term accumulation.

The analytic platform Tradingview suggested that for an ETH recovery rally to occur, bulls must defend the $2,100 level. It added that ETH could see a strong recovery if market sentiment improved and exchange outflows persisted. The platform suggested that a break past the resistance level would signal a renewed buying momentum. It added that an increase in ETH’s price would trigger a push towards higher prices.

Nansen crypto intelligence platform research analyst said that Ether supply moving off exchanges was a general bullish signal. The analyst commented that similar trends were observed with Bitcoin. He added that the outflows suggest a natural shift toward self-custody and cold storage.

Vugar Usi Zade, Chief operating officer at Bitget, commented that decreasing Ether supply in exchanges indicated that investors were shifting assets to cold storage rather than positioning for short-term sales. He added that such shifts have historically co-related with reduced sell-side pressure and stabilization.

Analysts expect Ethereum staking ETFs to be the next ETH price catalyst

Marcin Kazmierczak, CEO at Redstone, said that the potential introduction of staking Exchange-traded Funds (ETFs) could be Ether’s next price catalyst. He added that it could further tighten Ethereum’s liquid supply. The CEO suggested that reduced supply could reinforce the asset’s proposition as an investment asset.

According to Consensys founder Joe Lubin, Ether ETF issuers are expecting regulatory approval for staking in 2025. He added that fund issuers were working hard to create the best solutions for customers to deal with any complexities around staking and slashing.

The founder suggested that ETF staking would be great for the ecosystem. He added that it would enable the crypto ecosystem to do a more diversified job. Lubin hinted the technology would also lead to greater client diversity.

The U.S. Securities and Exchange Commission announced in January the establishment of a crypto task force. The regulator added that the task force would help develop a framework for digital assets to provide more clarity to customers. The regulator added that crypto-friendly Hester Pierce would lead the task force. Pierce commented that approval of staked Ether ETFs was more likely to be achieved with more pro-crypto commissioners within the SEC.

Former Polygon financial chief Young Ko said that a Pierce-led task force was great for the industry. The former chief added that Pierce understood the technology and championed the builders. He commented that ETH staking ETF approval would be good for Ethereum and the greater ecosystem.

Kean Gibert, an institutional relations contributor to Lido DAO, revealed that Ethereum stalking-enabled ETFs could become a reality under the new U.S. administration. He added that the current inability to stake ETF-held Ethereum represented a significant opportunity cost for institutional investors.