Bitcoin Crashes to $79,000 Today (March 11, 2025) – Is BTC Headed for a New 4-Month Low?

Jakarta, Pintu News – The crypto market has experienced another massive selling pressure, with the price of Bitcoin (BTC) plummeting to $79,000 today, March 11, 2025. The drop marks BTC’s continued slide towards its lowest level in four months, extending a weakening trend that has been ongoing since the start of the year.

Bitcoin Price Drops 3.31% in 24 Hours

On March 11, 2025, Bitcoin (BTC) was trading at $79,115 (approximately 1,309,124,145 IDR), marking a 3.31% decline in the past 24 hours. During this period, BTC hit a low of 1,257,092,086 IDR and peaked at 1,378,083,163 IDR.

According to CoinMarketCap, Bitcoin’s market capitalization has now dropped to $1.56 trillion, with trading volume in the last 24 hours rising 58% to $57.73 billion.

Read also: Bitcoin Headed for $75K? Key US CPI Data Could Trigger a Drop This Week!

BTC price continues to slide nearing four-month low

Bitcoin’s selling pressure ahead of the weekly close continued, along with the overall weakness in risk assets due to investors’ shift to safer assets.

According to a report by Cointelegraph (10/3/25), in the stock market, the S&P 500 index and the Nasdaq Composite opened with a sharp decline, down 2% and 3.5% respectively.

In response to this situation, trade analysis source The Kobeissi Letter mentioned that the cut in US government spending by the Department of Government Efficiency (DOGE) contributed to the market weakness.

“While everyone is focused on the trade war, don’t ignore the impact of expected government spending cuts,” wrote their latest analysis on platform X.

“Government spending and job growth have been the ‘fuel’ of the economy. Cutting the DOGE budget will have a big impact.”

Kobeissi also noted that in the last two months, the crypto market capitalization has shrunk by $1 trillion.

“The price increase that occurred after the US Strategic Reserve announcement has now been completely erased,” he added regarding the BTC/USD pair.

Bitcoin market still looking for a strong price bottom

Opinions among market participants are mixed, with uncertainty regarding where BTC prices will find more stable support points.

Read also: $620 Million Liquidated in Crypto Bloodbath! Did Bitcoin Spark the Market Meltdown?

Popular analyst and trader Rekt Capital advises his followers on X to look out for a rise in the Relative Strength Index (RSI) even if prices continue to fall, as a signal of a potential reversal.

“Going forward, it will be important to see if Bitcoin forms Lower Lows in the price movement, while RSI forms Higher Lows-this could be a sign of Bullish Divergence,” he wrote in the daily time frame analysis.

In a follow-up post, he noted that throughout the current bullish cycle, Bitcoin is likely to experience a price bounce whenever the daily RSI falls below 28.

Specifically, he explained that “Bitcoin price will bottom out or be around -2% to -8% from its lowest level.”

As of March 10, 2025, BTC’s daily RSI is at 33.2.

Bybit hack is still a big threat to the crypto market

Meanwhile, QCP Capital thinks that the selling pressure in the crypto market is still related to the liquidation action stemming from the Bybit hack last month.

“Today’s price drop is likely to be further exacerbated by a sell-off from asset holders trying to anticipate potential additional supply from hackers. Moreover, hackers now prefer to cash out their assets rather than risk further losses – especially after seeing the value of their stolen assets drop 25%,” QCP wrote in its latest newsletter sent to subscribers on Telegram.

In response, demand for Put options increased in the past 24 hours, indicating growing concerns of additional selling pressure.

Read also: Pi Network Price Drops – Can Pi Coin Rebound to $3.50?

Furthermore, the QCP data suggests that renewed optimism is likely to emerge from the third quarter (Q3) of this year.

“Until the crypto market finds a new narrative, the correlation between Bitcoin and stocks is likely to get stronger in the short term,” the report states, referring to US macroeconomic data that will be released in the near future.

“Currently, both cryptocurrencies and stocks are trading near their latest lows. With the risk of trade tariffs still looming, volatility could increase ahead of the release of key US economic data-CPI (Wednesday) and PPI (Thursday).”

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Cointelegraph. Bitcoin nears $78K lows as US stocks dive at Wall Street open. Accessed on March 11, 2025