An abrupt change in Bitcoin price movement is accompanied by daily crypto liquidations of more than $200 million.
On March 10, after bulls failed to maintain higher levels once more, bitcoin reversed traditionally.
Bart Returns to Bitcoin Chart
BTC/USD formed a recognizable Bart Simpson regression pattern overnight on Wednesday, according to data from Cointelegraph Markets Pro and TradingView.
Despite breaking beyond $42,000 before stabilizing, the pair was doomed to fall back to its prior trading range below $40,000 due to a lack of support.
Such Bart patterns had shown frequently in the weeks before, underscoring the difficulty faced by a market that had been imprisoned for months in a specific trading range.
Cross-crypto liquidations totaled $211 million in the 24 hours before the time of writing, disappointing those looking for bullish continuation, according to data from analytics resource Coinglass.
The U.S. consumer price index (CPI) numbers for February, which are expected to be released on March 10th, are expected to reveal that inflation is still on the rise at an anticipated 7.9% year-over-year.
Key resistance levels for BTC/USD to overcome, as well as support levels at $36,300 and $33,000, were highlighted on the following chart.
Altcoins Pull U-turn
Ether fell 5.1% to less than $2,600 as a result of Bitcoin‘s instability, which also cost altcoins a large portion of their most recent gains.
A large number of the top ten cryptocurrencies by market cap on the day were also down, except for former high flyer Terra, which managed to hold onto its $100 highs.