BlockBeats News, March 29th: Bitcoin continued its previous decline to test $83,387, while the US stock market saw intensified selling pressure. The Dow Jones plummeted 700 points, and the S&P 500 index plunged 112 points, witnessing a trillion-dollar market cap evaporation in a single day. Market panic was attributed to the core PCE price index for February unexpectedly surging to 2.8%, coupled with the Trump administration's announcement of a 25% tariff on imported cars, causing a chain reaction in the market.
Technically, a double top pattern triggered a sell-off warning, and legendary trader Peter Brandt issued a caution. The BTC daily chart has formed a "bear market wedge," with the double top pattern establishing a target of $65,635. Crypto trader "HTL-NL" agreed with Brandt's view, believing that Bitcoin's failure to "break through" the long-term downtrend line and confirm the bear market wedge pattern is evidence that BTC is likely to revisit its range low, confirming a continuation pattern of the downtrend.
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