Bitcoin's price fell to $85,095.24, accompanied by a prediction of further decline by renowned trader Peter Brandt. Market impact is driven by anticipation of US inflation data.
Bitcoin Price Drop
As of March 29, 2025, Bitcoin was trading at $85,095.24, down 2.86% over the prior 24 hours. This decline can be partially attributed to heightened cautious sentiment among investors pending the release of US inflation data.
Peter Brandt's Analysis
Renowned analyst Peter Brandt identified two bearish chart patterns: a double top and a completed pennant. These signals are viewed as indicators of further potential price decreases. Trading volume declined by 2.4% to $25.8 billion.
Market Impact
These price changes have resulted in a wider impact on trader behavior, with Bitcoin Futures Open Interest also declining by more than 1.5%. This is associated with increased market uncertainty as investors brace for inflation data, adjusting trader strategies.
Current volatility in the Bitcoin market might persist, with potential further changes driven by regulatory and economic factors affecting trader behavior.
