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Market Analysis
The price of Bitcoin (BTC) abruptly fell by nearly 6% in less than four hours as the new weekly candle opened on March 15.
Three factors contributed to the weakening momentum of Bitcoin, namely a new weekly open, high funding rates, and stablecoin inflows primarily driving the market upward.
New weekly candle and a reset pullback
When a new weekly candle opens, Bitcoin typically sees large volatility because the trend on Monday could dictate how Bitcoin performs throughout the rest of the week.
BTC/USD 1-day chart with key levels. Source: TradingView/Rekt Capital
Over the last few hours, as pseudonymous trader Rekt Capital noted, Bitcoin saw an overextended pullback. As a result, the trader said BTC could be in the process of seeing a volatile reset. The trader said: