Bitcoin price extended its decline on March 28, falling for a fourth consecutive day to paint an intra-day low of $83,387. BTC’s (BTC) decline mirrored the Wall Street sell-off, where the DOW closed 700 points lower, alongside the S&P 500 index, which dropped 112 points.
The sell-off in equities is widely attributed to investors increasing worries over inflation after the core Personal Consumption Expenditures index data from February rose to 2.8% (a 0.4% monthly increase), which was higher than expected.
S&P 500 drops $1 trillion in market cap value. Source: X / The Kobeissi Letter
The sell-off was further amplified by the markets’ response to US President Trump’s newly levied “reciprocal tariffs,” which applied a 25% tariff to “all cars that are not made in the United States.”
The chances for a Bitcoin relief rally or oversold bounce are likely diminishing as traders cautiously keep an eye on April 2, the day Trump has labeled “Liberation Day,” where additional tariffs, including “pharmaceutical tariffs,” are expected to be unveiled.
Bitcoin price to fall to $65K?
According to veteran trader Peter Brandt, Bitcoin could be on the path to $65,635.
BTC/USD 1-day chart. Source: X / Peter Brandt
In an X social post, Brandt confirmed the completion of a “bear wedge” pattern and said,
“Don’t shoot the messenger. Just reporting on what the chart says until it says something different. Bear wedge completed with 2X target from the double top at $65,635.”
Crypto trader ‘HTL-NL’ agreed with Brandt, suggesting that Bitcoin’s failure in “breaking the ice” of a long-term descending trendline and the confirmation of the bear wedge are proof that BTC is destined to revisit its range lows.
BTC/USD 1-day chart. Source: X / HTL-NL
From a purely technical point of view, it’s difficult to project a swift reversal in Bitcoin’s price action as many of its daily timeframe metrics are not oversold. Despite the absence of strong spot market demand in the current price zone, crypto trader Cole Garner says that “whales are going wild right now.”
BTC/USD 1-day chart. Source: X /…
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