Bitcoin and Most Altcoins Enter Bear Market as BTC Posts Biggest Weekly Drop in History

Bitcoin price recorded a massive decline last week, with the prices fluctuating between $94,000 and $80,000. During the week, BTC price experienced a -$14,000 move, which marked its biggest weekly decline in history.

Crypto prices today, March 10, remain bearish, with Bitcoin and most altcoins registering massive price declines. The recent price decline has triggered concerns of a bear market after BTC saw its biggest weekly drop in more than two years.

Crypto Prices Enter Bear Market As Bitcoin Posts Biggest Weekly Decline In History

Bitcoin price declined massively last week, with the prices ranging between $94,000 and $80,000. During the week, BTC price experienced a -$14,000 move, which marked its biggest weekly decline.

This drop follows a drastic decline in the crypto market sentiment, which is currently in a state of extreme fear. Moreover, surging long liquidations have continued to exert more downside pressure on crypto prices. Data from Coinglass shows that in the last 24 hours, these liquidations reached $649M.

Analysts predict that Bitcoin price could see another wild swing this week and drop to $75,000 after US CPI data. Per Reuters, a high CPI print will likely scare the market. Moreover, data from the CME FedWatch Tool suggests that inflation remains a concern, with 97% of investors expecting interest rates to remain unchanged during next week’s FOMC meeting.

Digital Asset Outflows Reach $876M

Crypto prices have also been edging lower after digital asset outflows reached $876M last week per CoinShares. This marked the fourth consecutive week of outflows, indicating that institutional interest in crypto products has diminished.

Bitcoin saw the biggest outflows of $756M followed closely by Ethereum with $89M outflows. Cardano price also dropped after $1.9M outflows.

Despite the waning interest in Bitcoin and Ethereum, some altcoins saw notable inflows despite declining crypto prices. Solana had the highest inflows of $16M, while XRP and SUI saw $5M and $2M inflows, respectively.

What’s Next For Crypto Prices - Is A Rebound Imminent?

Crypto prices are still poised for a volatile week ahead due to the upcoming US CPI data. However, a rebound could happen after MicroStrategy revealed plans to issue up to $21 billion in Series A stock to acquire more Bitcoin. This acquisition could drive Bitcoin and altcoin prices higher.

Moreover, Santiment has revealed that wallets holding at least 10 BTC have accumulated nearly 5,000 Bitcoin in their wallets. This indicates that large Bitcoin holders are buying the recent dip.

If institutions begin to accumulate Bitcoin again and traders start buying the dip, it could bode well for crypto prices. However, a significant surge in the buy-side pressure will occur if the market sentiment shifts from fear to greed.