Bitcoin news: BTC price dips 1.8% amid bearish on-chain data
Bitcoin price struggle to sustain positive momentum in March continues today, Tuesday, March 18, as price repeatedly tests the $84,400 level but fails to break higher.
The past three days have seen Bitcoin’s price action trapped between $85,500 and $82,000, reflecting a lack of bullish conviction. As of today, Bitcoin has declined by 1.8% during the Asian and European trading sessions, slipping from $84,400 to $82,700.
The downward pressure is largely attributed to deteriorating on-chain metrics and weakening liquidity. According to CryptoQuant CEO Ki Young Ju, Bitcoin’s bull cycle may already be over, as fresh liquidity is drying up and new whales are offloading Bitcoin at lower prices. This shift in market behavior suggests that capital inflows, which previously supported price growth, are no longer sufficient to sustain upward momentum. Bitcoin’s funding rates are hovering near 0%, highlighting growing trader indecision and a lack of leverage-driven buying.
Bitcoin technical outlook: RSI AND EMA reinforces 84k hurdle
Bitcoin price dynamics (Feb - March 2025). Source: TradingView.
From a technical standpoint, Bitcoin’s Relative Strength Index (RSI) has entered bearish territory on both the 4-hour and daily charts, signaling increased downside risks. Additionally, the 50-day and 100-day Exponential Moving Averages (EMAs) have formed a strong resistance cloud around $84,400, preventing any meaningful breakout for the past four days. Unless Bitcoin decisively clears this resistance, further declines remain likely.
While the prevailing trend leans bearish, a contrarian case exists. If Bitcoin’s RSI reclaims bullish ground and breaks above the $84,400 resistance, it could signal renewed bullish interest. A resurgence of fresh liquidity, institutional buying, or macroeconomic shifts such as favorable inflation data or dovish central bank policies could provide the catalyst needed to shift momentum. For now, Bitcoin’s inability to break past $84,400, combined with selling pressure from whales and deteriorating on-chain metrics, suggests a prolonged period of bearish or sideways action.
Institutional outflows of $900M from Bitcoin Spot ETFs over the past week have pressured prices. Bitcoin failed to hold above $84,400, dropping to $82,000 before a brief recovery.
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