Bitcoin prints classic ‘Bart’ pattern as BTC price dives back below $40K

bitcoin (BTC) classically reversed on March 10 after the bulls once again failed to sustain higher levels.

Bart is back on the Bitcoin chart

Data of Markets Cointelegraph Pro and TradingView showed that BTC/USD formed a characteristic “Bart Simpson” retracement pattern overnight on Wednesday.

The couple had achieved spend $42,000 before consolidating, but a lack of support meant a drop to its previous trading zone below $40,000 was the grimly familiar result.

Such "Bart" formations had occurred several times in the previous weeks and underscored the difficulty experienced by a market stuck firmly in an established trading range for months.

- There was no follow-up on price or volume for derived bidders
- trying to unwind his longs and crashed the market

volume, anticipated funding and open interest tell the story pic.twitter.com/hJD6QVRUek

— Dylan LeClair (@DylanLeClair_) March 10, 2022

Those waiting for a continuation to the upside thus, they were left disappointed, with cross-crypto liquidations over the 24 hours at the time of writing totaling $211 million, according to data from the analytics resource coin purse.

"Fried bulls this morning," popular Crypto trader Ed, who had called at the end of the rally at Wednesday's highs, saying Twitter followers.

“This is not PA but PP Ping Pong. And yes, Asians have always been good at Ping Pong,” she added, referring to the up and down slopes of the “Bart” that occur during Asian market hours.

Thursday, meanwhile, would see the release of US consumer price index (CPI) data for February, which points to showing inflation remains high at an estimated 7.9% yoy.

"The CPI number is out tomorrow and the FOMC meeting is in less than a week (March 15-16)," trader and analyst Matthew Hyland forecast in part of a cheep Wednesday.

"I expect volatility going forward, but more certainty as a result."

An accompanying chart highlighted key resistance levels for BTC/USD to overcome, along with support at $36,300 and $33,000.

Altcoins in imitation U-turn

Bitcoin volatility also cost altcoins much of their latest gains, with Ether (ETH) fell 5.1% to less than $2,600.

Related: Price Analysis 3/9: BTC, ETH, BNB, XRP, LUNA, SOL, ADA, AVAX, DOT, DOGE

Many other top ten cryptocurrencies by market cap were similarly gloomy on the day, with previous high flyer Terra (MOON), however, managed to stay close to the highs of $100.