Bitcoin on the Edge: Will $82K Support Hold or Are We Heading to $71K?

As Ethereum is touching new local lows, being 44% down in 2025, two notable whale positions on the Maker exchange are close to a massive liquidation. yet again hit multi-year lows, while seasoned investors turn extremely bearish on the second largest cryptocurrency.

$238,000,000: Ethereum whales of Maker on verge of liquidation

Two whale-size accounts on Maker, a large-scale DeFi, inch closer to a nine-digit liquidation. Should the Ethereum price drop by another 4%, $238 million in Ethereum long positions will be erased. This alarming situation was noticed by Lookonchain, a crypto research platform.

The observation was shared today, March 29, 2025, by the official Lookonchain account on X with 580,000+ followers.

Two whales borrowed Dai (DAI), pledging 125,603 Ethers as collateral. At current prices of $1,874 per Ethereum , health ratios for both loans dropped to 1.06-1.07, which is extremely close to the forced liquidation level.

As such, the two Maker whales will be losing their positions once Ether drops to $1,805 and $1,787, respectively, data says.

Ethereum , the second-largest cryptocurrency, lost 6.3% in the last week, expanding its year-to-date losses over a whopping 44%.

Ether as investment is completely dead, hedge fund manager says

The Ethereum to Bitcoin rate plunged to 0.02246, which is the lowest since early May 2020. As such, is targeting five-year lows, being almost 4x cheaper compared to the November 2021 peak.

Investors' pessimism accelerates as Ethereum is close to completing its worst Q1 in years. Macro investor Quinn Thompson, CIO of Lekker Capital macro hedge fund, says it is over for Ethereum as an investing instrument:

Make no mistake, ETH as an investment is completely dead. A $225 billion market cap network that is seeing declines in transaction activity, user growth and fees/revenues. There is no investment case here. As a network with utility? Yes. As an investment? Absolutely not.

The prominent investor admits that Ethereum demonstrates huge delineation between the growth of the ecosystem and the value accrual to its core asset. He opined that the ecosystem growth might be contributing to the macro performance of Ethereum's L2s tokens.

Crypto analyst Rekt Capital recently discussed the Bitcoin price action and provided insights into the flagship crypto’s future trajectory. Specifically, he alluded to BTC’s RSI, which is showing a similar pattern to last year, just before the rally to new highs. 

Bitcoin’s RSI Targeting Daily Retest That Triggered 2024 Price Rally

In an X post, Rekt Capital revealed that Bitcoin’s RSI is targeting a daily retest that triggered the 2024 price rally. He mentioned that last week, the daily RSI successfully performed a post-breakout retest of the RSI downtrend, which dates back to November 2024, to confirm the breakout. He added that the RSI is now going for another retest of that same downtrend. 

The Bitcoin price rallied to $100,000 during this November 2024 period following Donald Trump’s victory in the US presidential elections. Rekt Capital’s accompanying chart showed that the RSI is retesting the 40 zone, with a break below this level likely to spark another downtrend for the flagship crypto. On the other hand, holding above this RSI level could spark another uptrend for BTC, sending its price to new highs. 

However, the Bitcoin price looks more likely to face another major correction at the moment, having dropped from its weekly high of around $88,500 to below $84,000 on Friday. Macro factors like Donald Trump’s tariffs and the US Federal Reserve’s quantitative tightening policies are weakening the flagship crypto’s bullish momentum. 

Trading firm QCP Capital opined that any short-term upside for the Bitcoin price remains capped as markets wait for clarity from Trump’s next move in the escalating trade war. The PCE inflation data, which was released on Friday, also sparked a bearish outlook for BTC as the core index rose beyond expectations. 

BTC Could Form Local Bottom At Current Price Level

Crypto analyst Titan of Crypto suggested that the Bitcoin price could form a local bottom at its current price level. He noted that BTC is still holding above a strong confluence of supports, including the monthly Tenkan and midline of the monthly Fair Value Gap. The analyst added that the last two times BTC has held these supports, it has marked a local bottom. 

In an earlier post, Titan of Crypto had raised the possibility of the Bitcoin price rallying to $91,000 soon. He stated that a bullish pennant had formed on the 4-hour chart. According to him, if this pattern breaks to the upside, the BTC target is around $91,400. Meanwhile, legendary trader Peter Brandt looks bearish as he recently predicted that BTC could drop to as low as $65,635. 

At the time of writing, the Bitcoin price is trading at around $83,900, down over 2% in the last 24 hours, according to data from CoinMarketCap.

Data shared by crypto trader and analyst Ali Martinez shows that cryptocurrency whales have shoveled a massive amount of Ethereum recently.

Whales let go of 200,000 ETH

The analyst shared a chart provided by the on-chain data company CryptoQuant, showing that 200,000 ETH have changed hands over the past two weeks. That is the equivalent of roughly $376,122,553.

The chart shows the change in the balances of wallets holding between 1,000 and 100,000 ETH. Judging by the curve, the whales have dumped 200,000 Ethereum as the balance dropped roughly from a total of 12.77 million to 12.57 million ETH.

"Ethereum back to $1,000?" Bloomberg's Mike McGlone

This week, the chief commodity strategist at Bloomberg Intelligence, Mike McGlone, issued a post on his X account, reflecting whether the second most popular crypto coin, Ethereum, is likely to reverse to $1,000 as it happened in 2020 during the global lockdowns caused by the pandemic.

McGlone believes the market should pay attention to the Ethereum price trajectory now, since he sees a clear link between it and the prices of other risk assets in the market. Should ETH plunge further, the expert said, it would be indicative of a weakness of stocks on the S&P 500 index.

Ethereum struggling to recapture the $2,000 level “may guide the way for risk assets,” per him. He queried whether ETH would not manage this challenge and reverse the current trend, falling back to the $1,000 price level later this year. Should this happen, other top altcoins might follow in its footsteps, sliding into the red. Bitcoin unable to regain stable price growth may well add to that, pushing altcoin prices down.

Bitcoin might head back to $10,000, McGlone believes

McGlone seems to be bearish not only on Ethereum. Bloomberg’s strategist shared that the current Bitcoin market performance somehow mirrors the performance of the tech index Nasdaq 100 back in 2000 when the dot-com bubble collapsed. Back then, Nasdaq spiked to an all-time high of 5,000 points and then collapsed by roughly 80% when the bubble burst.

The same might happen to Bitcoin now, per McGlone, since investor sentiment has shifted and they are withdrawing funds from Bitcoin ETFs, putting them in gold ETFs. Following Bitcoin, S&P 500 might go down as well, he warns. He expects a BTC drop to $10,000.

Burger King fast food giant periodically returns to the topic of cryptocurrencies as if waiting for the perfect moment to jump on this bandwagon. In 2023, its Paris branch began accepting Bitcoin for payments already. But it does not have its own coin yet.

Today, it published an X post to poll its social media community and pick their brains as to whether it would be a good idea to launch its own crypto.

The Burger King U.K. X account asked its army of followers, without beating about the bush: “Shall we make a crypto burger coin called Burger Koin?”

The community reacted by posting mixed comments. Some thought it would be a great idea, others did not support this initiative. One X user stated: “No, crypto is already filled with a lot of meme coin scammers.” Another user suggested the company might as well launch its native merchandise.

In 2023, the same account ignited the Dogecoin community, commenting on a tweet by a popular crypto trader and promoter, who said that Burger King began taking Bitcoin payments in Paris.

The response stated “We need DOGE.” Apart from Paris, Burger King now accepts Bitcoin in the Netherlands, Germany and Venezuela as of February 2025. However, in 2021, Burger King in Brazil began to accept DOGE, but not in the U.K.

Solana (SOL) is currently holding above the $125 mark, a level that has acted as support in recent weeks. While this may appear a sign of strength, the broader sentiment around SOL remains cautious. Analysts are warning that the latest surge in price could be nothing more than a bull trap, setting the stage for further downside. Despite the recent bounce, price action continues to show weakness, with lower highs forming on multiple timeframes — a classic sign of bearish continuation.

The overall crypto market remains under pressure, and many investors fear that a deeper bear market could be unfolding. Macroeconomic uncertainty, combined with rising risk-off sentiment, has added to the concern. As a result, confidence among retail and institutional investors is fragile. Some are exiting positions, while others are choosing to hold through the volatility, sitting on unrealized losses in hopes of a long-term recovery.

With SOL struggling to establish clear momentum, analysts believe the path of least resistance remains to the downside unless bulls can reclaim higher levels with strong volume. A failure to maintain the $150 level could confirm bearish continuation and open the door for a move toward lower support zones. Until buyers return with conviction, Solana remains in a precarious position — caught between the fading momentum of a short-lived rally and the growing weight of market uncertainty. The coming days will be crucial in determining whether SOL can recover or if more pain lies ahead.

Solana Key Test As Bearish Sentiment Grows

Solana price action shows signs of weakness as bulls struggle to build momentum. The recent market surge brought temporary relief to altcoins, but many analysts warn it may have been a bull trap — a short-lived rally within a larger downtrend. With volatility rising again, Solana is now facing a critical test that could define its short-term direction.

Investor sentiment remains divided. Some fear a deeper bear market is on the horizon, pointing to macroeconomic instability, rising interest rates, and broader risk-off sentiment. Others continue to hold through unrealized losses, hoping for a long-term recovery despite mounting uncertainty. As SOL trades in this fragile zone, conviction remains low, and every move is being closely watched.

Runefelt highlighted a significant technical risk: if Solana’s current ascending support fails, the token could drop to as low as $113. This support line has so far held up against sell pressure, but repeated tests without a clear bounce raise the risk of a breakdown. A drop to $113 would mark a major correction and erase much of the gains made earlier in the year.

Until bulls can reclaim higher resistance levels and confirm a breakout, the dominant trend remains bearish. Analysts are warning that unless Solana can hold its current structure, the next leg down could come quickly. With the market on edge and momentum fading, Solana’s price action over the coming days will be crucial in determining whether the asset can stabilize — or if further declines are ahead.

Bulls Aim To Reclaim Momentum

Solana (SOL) is trading at $128 after two consecutive days of selling pressure, which erased a portion of its recent gains and pushed the asset back below key resistance levels. The market’s sudden shift in sentiment has left bulls on the defensive, with price action weakening across the board. For SOL to regain momentum and confirm a bullish reversal, reclaiming the $180 level in the coming days is essential.

The $180 zone has acted as a significant resistance point during previous rallies, and a decisive move above it would likely trigger renewed buying interest and open the door to a broader recovery. Without this breakout, however, the outlook remains fragile.

If bulls fail to push prices higher and reclaim critical levels, Solana risks falling deeper into bearish territory. Continued weakness could lead to another leg down, as traders eye lower support zones and brace for a potential bearish surge.

Market conditions remain volatile, and macro uncertainty continues to weigh heavily on risk assets. For now, SOL’s short-term future hinges on whether buyers can step in soon and drive a move back above the $150–$180 range to avoid a steeper decline.

Featured image from Dall-E, chart from TradingView