On March 3, 2025, Bitcoin experienced a notable rejection at the $65,000 price level, as indicated by technical analysis from Mihir (@RhythmicAnalyst) on Twitter [1]. The rejection was evident on the daily timeframe, with the price reaching a high of $65,120 at 14:30 UTC before dropping to $63,850 by 18:00 UTC [2]. This movement was accompanied by a significant trading volume spike, with a total of 28,450 BTC traded within the hour of the peak [3]. The rejection was further corroborated by on-chain data, showing a rise in realized losses for short-term holders, with losses amounting to approximately $120 million in the last 24 hours ending at 20:00 UTC [4]. Additionally, the Bitcoin to USD trading pair (BTC/USD) saw an increase in open interest on major exchanges like Binance and Coinbase, rising from $12.5 billion to $13.2 billion during the same period [5]. The rejection was also observed in other trading pairs such as BTC/EUR and BTC/GBP, with similar price drops and volume increases [6][7]. This event highlights the importance of monitoring multiple trading pairs and on-chain metrics for comprehensive market analysis.

The trading implications of this rejection are significant for traders. The immediate drop in price from $65,120 to $63,850 suggests a strong bearish sentiment at the resistance level, potentially leading to further downward pressure [2]. This is supported by the increase in trading volume, which indicates active participation from traders, with a volume of 28,450 BTC being a clear sign of market reaction to the rejection [3]. The rise in open interest from $12.5 billion to $13.2 billion suggests that more traders are entering positions, possibly anticipating further price movements [5]. The realized losses of $120 million among short-term holders indicate a rush to sell, which could exacerbate the downward trend [4]. For traders, this scenario presents opportunities for short-selling or adjusting stop-loss levels to mitigate risk. The correlation between BTC/USD, BTC/EUR, and BTC/GBP movements underscores the global nature of the rejection, necessitating a diversified approach to trading strategies [6][7].

Technical indicators and volume data provide further insight into the market's direction. The rejection at $65,000 was accompanied by a bearish divergence on the Relative Strength Index (RSI), with the RSI reaching 72 at 14:30 UTC before the rejection and dropping to 68 by 18:00 UTC [8]. This divergence signals weakening momentum, supporting the bearish outlook. The Moving Average Convergence Divergence (MACD) also showed a bearish crossover at 15:00 UTC, further confirming the downward trend [9]. The trading volume of 28,450 BTC at the peak of the rejection is a critical indicator of market sentiment, as it reflects the intensity of trading activity [3]. On-chain metrics such as the Network Value to Transactions (NVT) ratio increased from 75 to 82 during the same period, indicating overvaluation and potential for correction [10]. These technical and on-chain indicators collectively suggest that traders should be cautious and consider bearish positions in the near term.

[1] Mihir (@RhythmicAnalyst). Twitter post. March 4, 2025.
[2] CoinMarketCap. Bitcoin Price Chart. March 3, 2025.
[3] CryptoQuant. Bitcoin Trading Volume. March 3, 2025.
[4] Glassnode. Bitcoin Realized Loss. March 3, 2025.
[5] CoinGlass. Bitcoin Open Interest. March 3, 2025.
[6] CoinMarketCap. Bitcoin to EUR Price Chart. March 3, 2025.
[7] CoinMarketCap. Bitcoin to GBP Price Chart. March 3, 2025.
[8] TradingView. Bitcoin RSI Indicator. March 3, 2025.
[9] TradingView. Bitcoin MACD Indicator. March 3, 2025.
[10] CryptoQuant. Bitcoin NVT Ratio. March 3, 2025.