The trading implications of these market conditions are significant. The low prices and high trading volumes suggest that there was substantial selling pressure during these periods, which could be attributed to macroeconomic factors such as rising interest rates and regulatory uncertainty (Bloomberg, 2025). However, the oversold RSI levels for both Bitcoin and Ethereum indicate that the market might be due for a correction. The BTC/ETH trading pair saw a volume of $5 billion on March 15, 2025, and $3 billion on March 20, 2025, showing a slight decrease in interest in this pair during the lows (Kraken, 2025). The on-chain metrics further support the notion of a potential rebound, as the Bitcoin Hash Ribbon indicator, which signals miner capitulation, showed a buy signal on March 18, 2025, and Ethereum’s Net Unrealized Profit/Loss (NUPL) metric indicated a shift from extreme fear to neutral sentiment on March 22, 2025 (CryptoQuant, 2025). The BTC/USDT pair on Binance recorded a volume of $25 billion on March 15, 2025, and the ETH/USDT pair saw a volume of $12 billion on March 20, 2025, suggesting that traders were actively using stablecoins during these volatile periods (Binance, 2025).
Technical indicators and volume data provide further insights into the market dynamics. The Moving Average Convergence Divergence (MACD) for Bitcoin showed a bullish crossover on March 25, 2025, with the MACD line crossing above the signal line, indicating potential upward momentum (TradingView, 2025). Ethereum’s MACD also showed a bullish crossover on March 28, 2025, suggesting a similar trend (TradingView, 2025). The trading volume for Bitcoin on March 25, 2025, was $50 billion, and for Ethereum on March 28, 2025, it was $25 billion, indicating increased market activity following the lows (CoinGecko, 2025). The Bollinger Bands for Bitcoin showed a squeeze on March 25, 2025, with the price moving above the upper band, signaling a potential breakout (TradingView, 2025). Ethereum’s Bollinger Bands also showed a squeeze on March 28, 2025, with the price moving above the upper band, suggesting a similar breakout potential (TradingView, 2025). The BTC/EUR trading pair saw a volume of $10 billion on March 25, 2025, and the ETH/EUR pair recorded a volume of $5 billion on March 28, 2025, indicating interest in these pairs during the potential rebound (Coinbase, 2025). The on-chain metrics from Glassnode showed an increase in active Bitcoin addresses to 850,000 on March 25, 2025, and Ethereum’s active addresses rose to 450,000 on March 28, 2025, suggesting a recovery in network activity (Glassnode, 2025).
