Bitcoin Price Retreats, $75K Target in Sight

Bitcoin Price Correction: $75K Could Be the Next Support

Bitcoin Price– Bitcoin’s price continued its downward trend over the weekend, falling below $80,000 on March 10. Arthur Hayes, co-founder of BitMEX and Maelstrom’s Chief Investment Officer, noted the decline as an “ugly start” to the week. “It looks like Bitcoin will retest $78,000,” Hayes wrote on X. He further warned that if this level fails, Bitcoin could drop to $75,000 next.

Hayes pointed out that significant Bitcoin options open interest lies in the $70,000 to $75,000 range, suggesting that if the price hits that zone, volatility could be significant. Open interest represents the value of Bitcoin options contracts that haven’t expired yet. According to Deribit data, there’s a large amount of open interest—$696 million at the $70,000 strike price, $659 million at $75,000, and $680 million at $80,000.

Over the last 24 hours, Bitcoin fell by over 5%, reaching $80,124 before bouncing back slightly to $81,395. Arthur Hayes had predicted back in late January that Bitcoin could dip to $75,000 before rising to $250,000, although he expressed hope that his prediction was wrong.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.