Why did it rise to 81500?
Trump's monetary reserve policy has not been recognized by the whales. The price drop beginning at $95,000 directly led to a chain of liquidations due to high leverage, with over $1.2 billion liquidated across the network in the past 24 hours, 80% of which were long positions. The culprit of this massacre is the classic 'both long and short kill' scenario in the crypto space: after the price broke below the key support level of $85,000, programmatic trading triggered stop-loss orders, causing a chain reaction.
As the price continued to decline to the point where Trump's monetary reserve policy was released yesterday, miners could no longer hold on. On-chain data shows that multiple mining pools urgently sold nearly 3000 Bitcoins (approximately $250 million) to pay for electricity after the price fell below $83,000, and the approach of the miner shutdown price ($78,000) caused panic selling in the market.
Why did the violent rebound occur?
1. The 'bloody carnival' of on-chain whales
According to monitoring, between March 4th and 5th, multiple anonymous addresses withdrew over 3000 Bitcoins from Binance, with costs concentrated in the $81500-$83000 range. The most notable address 'bc1q0' accumulated 2100 BTC over three days, spending $178 million, making it a 'professional buyer at the limit down'.
2. Institutions 'openly protect the market'
BlackRock, Fidelity and other institutions have continuously net purchased over $500 million through Bitcoin ETFs for two consecutive days, especially when the price touched 81500, a single large order of $120 million was executed, effectively propping up the collapse trend.
Subsequent views
The technical death cross indicates that Bitcoin is still below the 200-day moving average ($88,000). If it cannot stabilize at this position today, it may test $80,000 again. The RSI (54) indicates that the overbought correction is not yet complete, and there is significant short-term pullback pressure. It may be considered to go short around $87,000 with a stop loss in place.
On-chain data shows that some bottom-fishing whales have placed large sell orders (approximately 15,000 BTC) around $88,000. Once retail investors chase the price high, they may face concentrated selling.
