Bitcoin (BTC) Price Still Lacks “Bonafide Breakout” as Wall Street Arrival Cools Market

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $99,500 on Bitstamp for the first time since the start of the month.

Bitcoin (BTC) price finally hit $99,500 on major spot exchange Bitstamp on March 10, continuing a pattern of gains during Asia and European hours that were sold into as Wall Street opened.

BTC/USD 1-hour chart. Source: Cointelegraph/Trading View

BTC price still lacks “bonafide breakout”

After a sell-off the previous day saw BTC/USD hit lows of $96,000, the pair rebounded to reach new 1-hour highs for the first time since March 2.

Hitting $99,500 on Bitstamp marked the highest level among top-tier exchanges, with Binance showing highs of $99,350 and Coinbase Pro reaching $99,200. As ever, order book disparities on smaller centralized exchanges and those catering to retail traders produced even higher “tops” for the day.

Continuing a pattern seen multiple times since the new year highs, Bitcoin sold off as Wall Street arrived, contrasting with positive momentum during the session. These had built on strength which accompanied US jobless claims coming in lower than expected the day prior.

“FireCharts shows how BTC bid liquidity dynamics have been changing over the past few days to push price up from the last dip, and the binned CVD shows purple whales leading this charge today,” trading resource Material Indicators wrote in part of its latest X analysis, referencing one of its proprietary trading tools.

BTC/USDT order book data from Binance. Source: Material Indicators/XSave 10% on NGrave All Year! Use code COINTELEGRAPH at checkout for an exclusive discount. Secure your crypto today!

Among those commenting on the strength of the sell-off were popular traders CRG and CRG. The former noted that the short-term battle revolved around the midpoint of Bitcoin’s multimonth trading range.

“$BTC bears trying to step in where they need to,” CRG told X followers, describing the market as “looking good overall.”

BTC/USDT 12-hour chart. Source: CRG/X

Optimistic, too, was popular trader and analyst Rekt Capital, who updated X followers on a bullish divergence playing out on Bitcoin’s relative strength index (RSI) on daily timeframes.

“The Daily RSI has broken its Downtrend dating to late January 2025,” he reported on the day.

RSI data for BTC/USD. Source: Rekt Capital/X

Dollar offers Bitcoin tailwind

Crypto and risk assets meanwhile stood to benefit from increasing US dollar weakness.

Related: Bitcoin bull market can survive $77K BTC price dip in 2025 — Analyst

The US dollar index (DXY) fell to 106.38 on the day, its lowest level since mid-December 2024.

Reacting, David Burrows, Chairman & Chief Investment Officer at asset management firm Barometer Capital Management, noted DXY descending from a rare “overbought” RSI signal.

“$USD ( $DXY ) has been overbought based on RSI 4 times since '22,” he confirmed alongside an explanatory chart. 

US dollar index (DXY) 1-week chart. Source: David Burrows/XThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.