On March 10, Bitcoin (BTC) approached multimonth lows as it faced a significant decline, falling around 4% to $79,170 amid a broader sell-off of risk assets at the start of Wall Street trading. The S&P 500 and Nasdaq Composite Index dropped 2% and 3.5% respectively. Analysts attributed the slump to reduced US government spending expected from the Department of Government Efficiency (DOGE) and noted that the crypto market had lost $1 trillion in value over the past two months. Mixed reactions from market participants regarding BTC's price floor were evident, with analysts suggesting to look for bullish divergence indicators on the RSI. Furthermore, QCP Capital pointed out that sell-offs related to hacking incidents at the Bybit exchange may be contributing to the downward trends in the crypto market, with broader implications projected due to ongoing macroeconomic uncertainties.

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