Bitcoin price drops to new four-month lows as US stock market opens with significant declines

From Cointelegraph

March 10, 2025 11:16 AM:

Bitcoin (BTC) price drops to new four-month lows, reaching $79,170 on Bitstamp. Stock market opens with S&P 500 and Nasdaq down 2% and 3.5%. Analysts attribute slump to US government spending cutbacks by DOGE. Crypto markets erase $1 trillion in market cap in two months, with unclear floor for BTC price action.

Analyst advises monitoring rising RSI values against lower prices for reversal cues in BTC. Previous bounces occurred when daily RSI was below 28, with Bitcoin’s price either bottoming or being 2% to 8% away from a bottom. Daily RSI currently stands at 33.2. Bybit hack contributes to broader crypto market downside, with concerns over additional selling pressure as hackers cash out stolen assets.

Market expectations optimistic from Q3 onward, with increased correlation between BTC and equities expected in the near term. Volatility could rise with upcoming US macroeconomic data releases. This article does not offer investment advice, readers should conduct their own research before making decisions.

Read more at Cointelegraph: Bitcoin nears $78K lows as US stocks dive at the Wall Street open