On March 29, 2025, the cryptocurrency market is experiencing significant turbulence, particularly with Bitcoin (BTC) hovering near a critical level of US$ 85,000. Currently, Bitcoin is down 3.39% in the last 24 hours, trading at approximately US$ 84,329.16, according to data from CoinMarketCap. This follows a volatile trading period where Bitcoin saw fluctuations between US$ 84,788 and US$ 87,723, reflecting the ongoing struggle between buyers and sellers in the market.
Recent reports indicate that Bitcoin's price decline is not an isolated incident. On March 28, 2025, Bitcoin, Ethereum, and XRP all fell to their lowest weekly levels. Bitcoin dropped to a low of US$ 83,609 before recovering slightly to US$ 83,736, marking a 4% decline in the last 24 hours. Ethereum was hit even harder, falling 6% to US$ 1,875, while XRP plummeted about 7% to US$ 2.17.
The market's downward trend has been exacerbated by rising inflation concerns and fluctuating trade policies under President Donald Trump. The Personal Consumption Expenditures (PCE) index recently rose by 0.4% in February, the highest monthly increase in over a year, which has led to negative reactions among investors. Mark Connors, Head of Investment Strategy at Risk Dimensions, noted, "The price movements today indicate that investors are not prepared to face a long-term tariff war by the U.S.," suggesting a cautious approach from portfolio managers.
In addition to these market pressures, a significant wave of liquidations has swept through the crypto derivatives market, with total liquidations exceeding US$ 450 million in just 24 hours. Ethereum accounted for the largest share of these liquidations at US$ 136 million, followed closely by Bitcoin at US$ 118 million. This surge in liquidations reflects the high stakes and volatility present in the current trading environment.
As of March 29, Bitcoin's price remains sensitive, with a critical support level set at US$ 85,000. If Bitcoin manages to hold above this mark, there is potential for a rebound. However, if it breaks below this level, prices could slide down to US$ 84,150 or even as low as US$ 83,500. To initiate a stronger upward trend, Bitcoin must break and hold above the range of US$ 86,500 to US$ 87,000, with targets set at US$ 88,000 to US$ 90,000, where significant selling pressure has historically occurred.
In contrast to Bitcoin, other cryptocurrencies are also experiencing declines. Ethereum has seen a 5.46% drop in the last day, now priced at approximately Rp 31.4 million per coin. Binance Coin (BNB) has decreased by 3.09%, while Cardano (ADA) is down 4.60%. Solana (SOL) has fallen 6.79%, and XRP continues to struggle with a 6.04% drop. Even meme coins like Dogecoin (DOGE) are not spared, with a 5.87% decline in the last day.
Despite the current downturn, some analysts maintain a positive outlook for Bitcoin's future. Timothy Peterson, a Bitcoin network economist, has projected a 75% chance that Bitcoin will reach a new all-time high within the next nine months. He highlighted Bitcoin's current position near its historical lower range, suggesting a favorable environment for a potential rally. Peterson stated, "There is a 50% chance that Bitcoin will rise by over 50% in the short term," emphasizing the cyclical nature of Bitcoin's performance, which has typically seen bullish trends in April and October.
Moreover, an anonymous analyst revealed that the realized price for Bitcoin among short-term whales is around US$ 91,000, indicating that a drop below the cost basis could trigger further selling pressure. This makes the US$ 84,000 to US$ 85,000 range a critical liquidity zone that traders and investors should monitor closely.
In a separate development, Trump Media & Technology Group Corp. (TMTG) has announced a partnership with Crypto.com to develop a series of digital asset investments. This collaboration aims to launch an exchange-traded fund (ETF) focused on digital assets and U.S.-based investments. Crypto.com will provide the necessary cryptocurrency and technology support, while the investment products will be distributed through Foris Capital, a platform acquired by TMTG last year. This partnership highlights the ongoing interest in integrating cryptocurrency into mainstream financial products.
As the cryptocurrency market continues to navigate through these challenges, the overall market capitalization stands at approximately US$ 2.74 trillion, reflecting a 3.91% decline in the last day. The future remains uncertain, but market participants are advised to stay vigilant and informed as conditions evolve.
For those involved in cryptocurrency investments, it is crucial to conduct thorough research and analysis before making any decisions, as the market remains highly volatile and unpredictable. The current landscape serves as a reminder of the inherent risks associated with trading in digital currencies.
