Bitcoin [BTC] Drops Violently on CME Expiry for March, BitMEX Traders Remain Bearish

Published by
Bitcoin [BTC] Drops Violently on CME Expiry for March, BitMEX Traders Remain Bearish

Bitcoin [BTC] drops by 9.1% as it breaks below critical support from the $6400-$6800 range. BTC price at 3: 30 hours UTC on 28th March 2020 is $6180.

Co-incidentally, the drop occurred in the hour following CME closing around 17: 00 hours CT time. The 1-hour chart on Coinbase shows how the price dropped by $300 (4.5%) just after expiration of monthly closing for March.

BTC/USD 1-Hour Chart on Coinbase (TradingView)

The futures market was largely in backwardation (lower prices into the future) since the drop on March 13. Presently, the prices are beginning to reach parity with the future months; the closing yesterday suggests neutral sentiments.

Bitcoin Futures CME Price on Friday Closing

The CME contract expiry on 27th March yields negative prices suggesting that the traders likely closed short positions causing a sell-off.

Bearish Sentiments

The lower-time frames are particularly bearish, as uncertainty continues to linger on the overall markets. Tyler Jenk’s Lucid SAR indicator along with the break-out from the ascending triangle sounds alarm for further bearish moves. Prominent derivatives’ and crypto traders, XC, tweeted,

Multiple day range breakout here, if you’re bullish on $BTC you should be praying for a quick V back above the mid 65 lows. If not MS (Market Structure) is clearly flipped bearish on the LTF (Lower Time Frame) charts

Moreover, the resistance from the Lucid SAR is at $696x.

BTC/USD 4-Hour Chart on Coinbase (TradingView)

Moreover, the funding rate on BitMEX is plummeting towards the short-side, which creates an opportunity for whales to play long.

BitMEX Funding Rate Indicator (TradingView)

As reported yesterday on CoinGape, the markets are seeing a shift of dominance from the derivatives exchanges to stop markets. This liquidity indicator on Coinbase, suggests that the buy and sell side seems to be balancing contrary to the times before the fall.

Do you think that the price will hold support above $6000 or will bears push it to swing lows? Please share your views with us. 

Advertisement

Share
Nivesh Rustgi

Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on X at @nivishoes or mail him at nivesh(at)coingape.com

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

Ethereum Supercycle Strengthens as SharpLink Gaming Withdraws $78.3M in ETH

Ethereum’s fundamentals continue to strengthen as major investors and analysts signal renewed confidence in the…

October 27, 2025
  • News

Trump Tariffs: Secretary Bessent Declares ‘Fantastic’ Trump–Xi Talks, Bitcoin Breaks $113,000

Bitcoin (BTC) has climbed above $113,000 as optimism grew ahead of President Donald Trump’s meeting…

October 26, 2025
  • News

Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?

Bitcoin traders are turning their attention to this week’s Federal Open Market Committee (FOMC) meeting.…

October 26, 2025
  • News

White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC

White House crypto czar David Sacks has shown his support for Donald Trump's nomination of…

October 25, 2025
  • News

Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role

Crypto firm Ripple has revealed that it is exploring new ways to use XRP within…

October 25, 2025
  • News

Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms

Kyrgyzstan has made a significant move in the adoption of digital finance. It has now…

October 25, 2025