Michael Saylor’s latest bitcoin binge — 1,360 Bitcoin in a single day via strc — shows corporate treasury demand actively absorbing supply even as retail second‑guesses the cycle’s next leg.

Michael Saylor’s Bitcoin (BTC) strategy just set a new daily speed record – and it landed right in the middle of a macro‑driven liquidity squeeze. Bitcoin Magazine reported that “it’s now estimated that Michael Saylor’s Strategy bought 1,360 BTC today via STRC, a new daily record,” underscoring how aggressive corporate accumulation has become even as retail debates whether the cycle is long in the tooth.​

The reaction from market participants was immediate and telling. “1,360 BTC in a single day is wild. Corporate Bitcoin accumulation isn’t slowing down,” one commentator wrote, capturing the sense that institutional balance sheets are quietly absorbing supply while sentiment on social feeds remains jumpy. Another observer framed the move as structural rather than cosmetic: “1,360 BTC in a single day… that’s not buying, that’s absorption. While retail hesitates, institutions are quietly stacking. Supply keeps shrinking. The Bitcoin game is simple: They print. Saylor buys.” A third voice put it even more bluntly: “Saylor is single-handedly draining the liquidity pool. 1,360 BTC in a day is aggressive accumulation.”

This is not happening in a vacuum. Live market data show Bitcoin trading around $68,583, up roughly 2.5% over the past 24 hours, with a 24‑hour trading volume of about $50.75 billion and a market capitalization in excess of $1.3 trillion. Ethereum changes hands near $2,014, having climbed about 3.9% on the day, with 24‑hour turnover around $30.1 billion and a market cap of roughly $260.2 billion. Solana trades close to $83.76, up approximately 2.7% in the last 24 hours, on volumes near $5.83 billion and a market value of about $52.77 billion.

In other words, Saylor’s 1,360 BTC haul – at current prices worth roughly $93 million – landed in a market that is already tight on float and increasingly dominated by large, repeat buyers rather than marginal speculators. For traders trying to read the next leg, the message from this episode is straightforward: corporate treasury demand remains deeply pro‑cyclical, willing to lean into volatility and, in the process, reshape the liquidity profile of Bitcoin’s up‑only narrative.

Wyoming Senator Cynthia Lummis, a veteran advocate for crypto policy, is reviving a tax-focused approach as lawmakers weigh a sweeping digital asset framework. She, who has signaled plans to leave the Senate in 2027, used a recent platform to push for a de minimis exemption on small cryptocurrency transactions, arguing it could clarify when a sale becomes a capital gains event versus when digital assets simply function as a medium of exchange. In a CNBC interview from March 2026, Lummis underscored the need for a practical tax treatment that mirrors everyday usage of digital money, particularly for routine on-chain activity. The conversation comes as committees on both sides of Capitol Hill study a concept that would make it cheaper to transact with Bitcoin (CRYPTO: BTC) and other assets without triggering immediate tax consequences.

Key takeaways

• The proposal would extend a de minimis tax exemption to crypto transactions under $300, with an annual cap of $5,000, aligning with a standalone bill introduced in July 2025.
• The aim is to let Bitcoin (CRYPTO: BTC) serve as a practical means of exchange in everyday purchases while preserving a framework for capital gains when appropriate.
• Progress on the broader crypto market structure bill remains unsettled in the Senate, with concerns about tokenized equities and regulatory responsibilities slowing movement after Coinbase (EXCHANGE: COIN) signaled opposition to the text as written.
• President Donald Trump amplified the policy debate by urging banks to strike a deal with the crypto sector, arguing that the CLARITY Act should not be used as leverage in financing negotiations.
• Senator Lummis’s influence in the debate persists even as she disclosed she will not seek reelection, with her last day in January 2027.

Tickers mentioned: $BTC, $COIN

Sentiment: Neutral

Market context: The stalled track of the crypto market structure bill highlights the tension between innovation in digital assets and the traditional regulatory framework, a dynamic playing out amid ongoing debate over tokenized securities, stablecoins, and cross-border compliance. The outcome will influence how market participants plan liquidity, tax strategies, and regulatory alignment as the ecosystem matures.

Why it matters

The push for a de minimis exemption on crypto transactions reflects a broader effort to reconcile the fast pace of digital asset innovation with the slow-moving machinery of fiscal policy. If enacted, the exemption could reduce friction for everyday crypto use, encouraging individuals to transact with smaller sums without immediate tax penalties and potentially increasing on-chain activity in economies where digital currencies coexist with traditional payment rails. For users, this could mean a more predictable tax treatment for micro-transactions, while investors and developers may reassess the timing and scale of on-chain experiments within a clarified tax landscape.

However, the debate is far from theoretical. The market structure bill—part of a larger regulatory package—has become entangled in the broader questions surrounding tokenized equities, the division of responsibilities among U.S. financial regulators, and the ethics surrounding potential conflicts of interest in policy design. Coinbase (EXCHANGE: COIN) has raised concerns about the text as drafted, arguing that certain provisions could hamper the innovation curve or expose exchanges to unintended liabilities. The discord contributed to a postponement of a planned Senate markup, underscoring how even widely anticipated reforms can stall when industry stakeholders push back on specifics.

On the political front, the discourse extends beyond technical provisions. President Trump, actively staking a position in the crypto-policy debate, urged banks to negotiate in good faith with the industry and warned against treating the CLARITY Act as leverage in financial negotiations. The public commentary illustrates how crypto regulation has become a partisan, high-stakes issue with implications for monetary policy, banking relationships, and the competitive positioning of U.S. firms in a global, rapidly digitalizing market. The practical effect is a policy environment that remains uncertain, even as lawmakers repeatedly emphasize the importance of clarity and consumer protection for market participants.

Additionally, the underpinnings of the policy debate touch on the broader macro and regulatory backdrop. Tokenized securities, yield-bearing stablecoins, and the governance models powering digital assets all feed into the legislative calculus, shaping whether a future framework will encourage responsible innovation or risk creating a patchwork of inconsistent rules across asset classes. The discussion is not merely about whether to tax crypto transactions differently; it is about how to design a coherent regime that can scale with evolving technologies while maintaining investor confidence and financial stability.

The conversation around de minimis tax exemptions is also a reminder of Lummis’s long-standing role in crypto policy. As a member of the Senate Banking Committee, she has consistently positioned herself at the intersection of technology policy and financial regulation. Her open commitment to the idea of a threshold under which crypto transactions would not trigger capital gains aligns with the broader aim of enabling practical usage of digital assets in everyday commerce, as lawmakers balance risk, consumer protection, and innovation.

Looking ahead, the regulatory path remains highly uncertain. The CLARITY Act’s fate in the Senate hinges on a delicate balance of concerns from both parties, industry perspectives, and the evolving pulse of the market. Whether the de minimis proposal becomes a centerpiece of a larger tax reform package or remains a policy experiment will depend on negotiations within committees, potential amendments, and the ability of proponents to secure cross-party support in a political environment that has, at times, treated crypto policy as a proxy for broader debates over technology and finance.

For market participants, the unfolding discourse signals that concrete tax-based incentives and regulatory clarity could become more tangible in the months ahead, even as the exact contours of a final bill remain in flux. The interplay between tax policy, regulatory oversight, and industry input will shape how participants plan their capital allocations, user onboarding, and product strategies in a landscape that continues to evolve rapidly.

Additional context around these discussions includes references to prior reporting on Lummis’s policy initiatives and the evolving stance of major industry players. See the July 2025 standalone crypto tax bill introduction and the subsequent discussions around the CLARITY Act’s provisions and treatment of tokenized assets, as well as coverage of Coinbase’s publicly stated concerns about the bill’s current form. For broader regulatory commentary on how policy is shaping the crypto sector, related analyses consider how the “four-year cycle” debates and other macro considerations interact with on-chain activity and institutional engagement.

Video coverage of Lummis’s remarks and related policy discussions can be found in the CNBC interview linked earlier, and further exploration of the legislation and industry responses is available through targeted reports and official statements. The evolving conversation underscores that, even as individual provisions gain or lose momentum, the path to a cohesive, enforceable framework for digital assets will require ongoing negotiation among lawmakers, regulators, and market participants.

To watch the referenced CNBC interview and review the broader policy discussions, visit the linked sources and the related Cointelegraph analyses that tracked the standalone crypto tax bill and the market structure debate as it unfolded on Capitol Hill.

Video source: CNBC interview

Further context on the standalone bill and market-structure considerations: Lummis’s standalone crypto tax bill and the CLARITY Act discussions with Coinbase.

Trump’s take on the crypto-banking dynamic can be explored in the coverage here: Trump on banks and the stalled bill.

For additional perspectives on policy debates and market responses, see related analyses that examine the evolving stance of regulators and industry players in this space.

A wild 24 hours continued in all markets after President Trump said the war against Iran could be over soon.

The action against Iran is “very far ahead” of what was expected to be a four-to-five-week time frame, said Trump in late-afternoon comments. He is expected to give updates on the situation at 5:30 pm ET.

Already in the midst of a sharp reversal higher after plunging Sunday evening as oil soared as much as 30%, crypto and equity markets added to gains following the comments.

Just ahead of the close, the Nasdaq was ahead 1.25% and S&P 500 0.8%. Bitcoin BTC$69,022.60 at just above $69,000 was up 2.4% over the past 24 hours.

Oil, meanwhile, tumbled even further. After rising as much as 30% to $120 per barrel on Sunday evening, WTI crude plunged all the way back to $85, now lower by 6% for the day.

Crypto-related stocks added to Monday’s gains, with Circle (CRCL) up 10% while Strategy (MSTR) and Coinbase (COIN) were 5% and 2% higher, respectively.

The S&P 500 and gold are also surging.

After a day of more fluctuations prompted by the quickly developing situation in the Middle East, bitcoin’s price aimed at $70,000 minutes ago as Trump addressed the war and the Strait of Hormuz.

His words sent shockwaves through other financial fields as well, especially with oil, as the CFDs on WTI Crude Oil plunged to under $90 per barrel after skyrocketing to $120 earlier today.

BREAKING: President Trump says “I think the war is very complete, pretty much.”

Oil prices officially turn negative on the day, erasing a gain of +30%, in one of the largest daily reversals ever recorded. pic.twitter.com/c01Ni9RZIS

— The Kobeissi Letter (@KobeissiLetter) March 9, 2026

The POTUS’s indication that the war is pretty much completed comes in a rather intriguing time, as Iran just chose a new Supreme Leader – Mojtaba Khamenei, who is the son of the former. Trump repeatedly outlined that he is not happy with the choice, calling it a big mistake.

At the same time, reports continue to emerge that several countries in the region, including the UAE and Turkey, keep intercepting more drones and missiles from Iran.

While also addressing the situation in the Middle East, President Trump reportedly added that the US is mulling taking over the Strait of Hormuz, which has been essentially closed for days, thus reducing the amount of transported goods, mostly oil.

As mentioned above, oil prices dumped again following Trump’s latest remarks after reaching a multi-year peak this morning. Gold and the S&P 500 went on a run, with the former tapping $5,140/oz, while the latter climbed above 6,800.

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Bitcoin quickly jumped from $68,000 to $69,600 (on Bitstamp) but was stopped there and now trades around $69,000 again. Ethereum has jumped past $2,000, while SOL is above $85.

Pudgy Penguins’ Pudgy World launch is turning PENGU into a high‑beta bet on NFT gaming as traders test whether the brand’s cultural hype can translate into lasting on-chain activity.

Global crypto markets are being steered less by conviction and more by where the next forced seller sits. At the margin, market structure, macro, and meme‑driven liquidity are colliding in real time – with Pudgy Penguins’ latest gaming push emerging as a surprisingly clear case study.

Pudgy Penguins (PENGU), one of NFT land’s stickier brands, has launched its third title, Pudgy World, extending the project’s reach from profile pictures into casual gaming. CoinGecko highlighted the move in a post stating: “Pudgy Penguins launches its third game, Pudgy World. $PENGU is now trending #2 on CoinGecko, up 7.4% today.” The framing is not accidental. Trending status and intraday performance now function as both marketing and market structure, broadcasting where liquidity and attention are rotating in a session dominated by macro‑sensitive flows.

DeFi users reported suspicious functionality on the website of lending platform Compound Finance on Sunday.

The incident is the latest in a string of website hijackings that have affected Maple Finance, OpenEden and Curvance.

It’s the second time attackers have compromised Compound’s front end in less than two years.

Mastercard has unveiled Verifiable Intent, a new open, standards-based trust framework co-developed with Google, designed specifically for “agentic commerce” — a world where artificial intelligence (AI) systems don’t just assist shoppers, but actively plan, decide, and complete purchases autonomously.

The core problem Verifiable Intent aims to solve is visibility: when a consumer delegates a purchase to an AI agent, the clear “click buy” or “tap to pay” moment that traditionally signals intent disappears. Mastercard’s Chief Digital Officer Pablo Fourez argues that this creates a new challenge for every party involved — consumers need assurance their instructions were followed, merchants need confirmation an agent is authorized to buy, and issuers need to distinguish legitimate activity from fraud.

To address this, Verifiable Intent creates a tamper-resistant, cryptographic record of what a user authorized when an AI agent acts on their behalf — linking identity, intent, and action into a single, privacy-preserving audit trail.

The framework uses Selective Disclosure, a privacy control technique, to ensure that only the minimum necessary information is shared between parties and only when needed, allowing merchants and issuers to verify transactions without access to sensitive consumer data.

It leverages widely adopted standards from the FIDO Alliance, EMVCo, the Internet Engineering Task Force, and the World Wide Web Consortium, and is designed to work across agentic protocols, devices, wallets, and platforms. Mastercard says Verifiable Intent will be integrated into its Agent Pay APIs in the coming months.

Crypto Rails Join the Fray

Not everyone sees traditional payment networks as the right foundation for AI-driven commerce, however, highlighting a growing debate about whether AI agents will ultimately transact through incumbent networks like Mastercard or bypass them entirely in favor of crypto-native infrastructure.

“Very soon there are going to be more AI agents than humans making transactions. They can’t open a bank account, but they can own a crypto wallet. Think about it,” Coinbase CEO Brian Armstrong posted on X today.

In September, EigenCloud, Ethereum’s largest restaking protocol with nearly $9 billion in total value locked, announced a partnership with Google Cloud to serve as the verifiable backbone for AI agent payments.

Meanwhile, the Ethereum Foundation launched a dedicated AI initiative called the dAI Team, with a stated mission to make Ethereum the preferred settlement and coordination layer for the emerging “machine economy.”

The following month, attention turned to x402 protocols, which enable AI agent payment systems and increase the practicality of agentic AI-led finance.

Taken together, these developments paint a picture of an industry racing to solve the same core problem from two very different directions. Mastercard and traditional finance are building trust layers on top of existing payment rails, while crypto proponents are betting that blockchain infrastructure is better suited to a world where AI agents are first-class economic actors.

Short-term holders are currently facing about 24% unrealized losses.

Bitcoin’s short-term holders have continued to realize losses, as on-chain data found sustained selling pressure across most of the past week.

According to the latest analysis by Axel Adler Jr., the Short-Term Holder Spent Output Profit Ratio (STH SOPR), a metric that measures whether coins held for less than 155 days are being sold at a profit or loss, remained below the neutral level of 1.0 for seven of the last eight days between March 2 and March 9.

A reading below 1.0 indicates that the cohort is selling at prices lower than their acquisition cost.

Bitcoin’s Weak Hands Are Selling

As of March 9, the intraday average STH SOPR stood at 0.987, and only six out of 35 observed blocks, or about 17%, closed above the 1.0 threshold. The 7-day moving average for the metric remained near 0.992, which further supports the view that loss realization among short-term holders has persisted for several consecutive days rather than appearing as a single isolated event.

During the same period, the metric crossed above 1.0 only once, on March 4, when the price of Bitcoin briefly reached $74,000 before returning to loss-selling territory. The lowest weekly reading occurred on March 6 at 0.979, while March 8 registered 0.991. Both of these instances confirm that most transactions from this cohort were executed below cost basis.

Adler explained that the first clear signal of a change in market conditions would be STH SOPR closing above 1.0 for several consecutive days alongside rising prices.

Capitulation

In addition to the profitability metric, Adler examined changes in terms of the overall supply held by short-term investors. Over the past two weeks, the total volume of coins within the short-term holder cohort declined from approximately 6.06 million BTC to about 5.92 million BTC. This essentially indicated that roughly 140,000 BTC left the cohort.

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Such a reduction reflects either capitulation through realized losses or the natural aging of coins into long-term holder status after surpassing the 155-day holding threshold. At the same time, the cohort’s realized price remained around $89,028, while the market price traded near $67,000 during the period analyzed.

The difference represents an unrealized loss of roughly 24% for the average short-term holder. Adler observed that this gap between the realized price and the current market value creates a structural supply overhang in the market. As prices recover, some short-term investors who purchased at higher levels may use rallies as opportunities to exit positions without losses, and would potentially add supply and reduce the strength of upward moves.

The combination of the two indicators points to an ongoing “cohort cleansing,” in which the more price-sensitive segment of the market is gradually exiting through selling pressure rather than through a recovery in profitability.

U.S. Bitcoin, Ethereum, and Solana ETFs saw rare same‑day outflows on March 9, but positive weekly flows and steady spot prices point to rotation, not capitulation.

U.S. crypto ETFs flashed a rare warning signal on March 9 as spot products for Bitcoin, Ethereum, and Solana all recorded simultaneous net outflows, even as underlying prices held firm near recent ranges.

ETF flows: risk-on, but defensive

On-chain analytics firm Lookonchain reported that U.S. Bitcoin ETFs saw a one-day net outflow of 5,409 BTC, while Ethereum ETFs shed 36,599 ETH and Solana products lost 68,933 SOL, underscoring a sharp but concentrated bout of de-risking across majors. A separate summary of the same dataset framed the move as a short-term shock inside a still-positive weekly trend, noting that “Bitcoin ETFs experienced a one-day net outflow of 5,409 BTC… however, the seven-day net inflow stood at a positive 8,154 BTC,” with Ethereum and Solana showing similar one-day outflows but net inflows over seven days.​

In that analysis, Solana stood out as the most volatile leg of the trade: “Solana ETFs displayed the most dramatic shifts… with a one-day net outflow of 68,933 SOL… Contrarily, the seven-day net inflow reached +266,247 SOL,” a pattern more consistent with fast money rotation than structural capitulation.​

Macro structure: liquidity, not faith

As one ETF strategist put it in the Lookonchain-linked commentary, recent moves “could influence trading strategies, as traders monitor whether these outflows represent profit-taking or a shift in investor confidence amid broader market volatility,” highlighting that desks are treating ETF flows as a real‑time barometer of positioning, not a referendum on the asset class itself.​

Key points:

• Rising oil prices have not hurt crypto sentiment as buyers attempt to push Bitcoin above $69,000

• Buyers are attempting to propel several major altcoins above their overhead resistance levels, indicating demand at lower levels.

A sharp rally in oil prices failed to deter cryptocurrency buyers who pushed Bitcoin (BTC) above $69,000 on Monday. Although the spot BTC exchange-traded funds witnessed outflows on Thursday and Friday, the week saw net inflows of $568.45 million per SoSoValue data.  That was the second successive week of net inflows, a first in five months.

While some analysts believe that BTC may have bottomed out, on-chain analyst Willy Woo said in a post on X that BTC was solidly in the middle of a bear market from a long-range liquidity perspective and was forming a bull trap. 

Usually, when negative news fails to sink the price to a new low in a bearish trend, it suggests that the selling may be drying up. That doesn’t guarantee a sharp rally in the near term, as markets tend to consolidate in a range for a while before starting the next leg higher. 

Could buyers push BTC and major altcoins above their resistance levels? Let’s analyze the charts of the top 10 cryptocurrencies to find out. 

S&P 500 Index price prediction

The S&P 500 Index (SPX) closed below the 6,775 level on Friday, indicating that the bears are attempting to take charge.

The moving averages have completed a bearish crossover, and the relative strength index (RSI) has dipped into the negative territory, indicating the path of least resistance is to the downside. The next crucial support to watch out for on the downside is 6,550. If the level cracks, the correction may deepen to 6,147.

Buyers will have to drive the price above the moving averages to signal strength. That improves the prospects of a rally to the 7,290 level.

US Dollar Index price prediction

The US Dollar Index (DXY) is facing resistance near the 99.50 level, but the bulls have kept up the pressure.

The upsloping 20-day exponential moving average (98.17) and the RSI above the 63 level suggest that the bulls are in command. If the price closes above the 99.50 level, the index may retest the critical overhead resistance at the 100.54 level. A close above the 100.54 resistance suggests the start of a new up move.

Sellers will have to tug the price below the moving averages to retain the index inside the 95.50 to 100.54 range.

Bitcoin price prediction

BTC fell below the 20-day EMA ($68,553) on Friday, but the bears could not sink the price below the support line. That suggests demand at lower levels.

If the price maintains above the 20-day EMA, the likelihood of a break above the $74,508 resistance increases. Such a move suggests that the BTC/USDT pair may have bottomed out in the short term. The Bitcoin price may then soar to $84,000, where the bears are expected to mount a strong defense.

This positive view will be invalidated in the near term if the price turns down and breaks below the support line. The pair may then drop to the vital support at $60,000.

Ether price prediction

Ether (ETH) broke below the 20-day EMA ($2,018) on Friday, but the bears could not sink the price to the $1,750 level.

That suggests selling dries up at lower levels. The bulls are attempting to push the price back above the 20-day EMA. If they manage to do that, the ETH/USDT pair may climb to the 50-day SMA ($2,249). Sellers will attempt to halt the relief rally at the 50-day SMA, but if the bulls prevail, the pair may jump to $2,600.

Contrary to this assumption, if the Ether price turns down from the $2,111 level and breaks below $1,916, it signals that the pair may remain inside the range for a while longer.

BNB price prediction

BNB (BNB) fell below the 20-day EMA ($633) on Friday, but the bears could not pull the price to the $570 level.

That attracted buyers who are trying to push the price back above the 20-day EMA. If they succeed, the BNB/USDT pair may retest the overhead resistance at $670. Sellers are expected to fiercely defend the $670 level, as a close above it opens the doors for a rally to $730 and then $790.

Instead, if the BNB price turns down from the current level or the $670 resistance, it suggests that the range-bound action may continue for a few more days. Sellers will have to yank the pair below the $570 level to start the next leg of the downtrend toward $500.

XRP price prediction

XRP (XRP) has been trading just below the 20-day EMA ($1.39) for several days, indicating that the bulls continue to exert pressure.

A close above the 20-day EMA will be the first sign of strength. The XRP/USDT pair may then rally to the $1.61 level and subsequently to the downtrend line of the descending channel pattern. Buyers will have to break and sustain the XRP price above the downtrend line to signal a short-term trend change.

Conversely, if the price turns down from the 20-day EMA and breaks below $1.27, it suggests that the bulls have given up. That may sink the pair to the support line, which is likely to attract buyers.

Solana price prediction

Solana (SOL) has been consolidating between $76 and $95 for several days, indicating a balance between supply and demand.

The flattish 20-day EMA ($85) and the RSI just below the midpoint do not give a clear advantage either to the bulls or the bears. 

The next trending move is expected to begin on a close above $95 or below $76. If buyers drive the Solana price above $95, the rally may reach $117. Alternatively, a break and close below $76 suggests that the bears have overpowered the bulls. The SOL/USDT pair may then slump to the Feb. 6 low of $67.

Related: Bitcoin at $67K despite oil shock is ‘strongest indicator’ bottom may be in

Dogecoin price prediction

Dogecoin (DOGE) fell below the $0.09 support on Sunday, but the bears could not sustain the lower levels. The bulls bought the dip and are attempting to reclaim the level.

If the relief rally turns down from the 20-day EMA ($0.09), it suggests that the bears remain in control. That heightens the risk of a drop to Feb. 6 low of $0.08. 

Buyers are likely to have other plans. They will attempt to push the Dogecoin price above the moving averages. If they can pull it off, the DOGE/USDT pair may surge to the breakdown level of $0.12. Buyers will have to achieve a close above the $0.12 resistance to suggest that the pair may have bottomed out at $0.08.

Cardano price prediction

Cardano (ADA) slipped below the $0.25 support on Sunday, but the bears are struggling to sustain the lower levels.

The bulls will attempt a recovery, which is expected to face selling at the 20-day EMA ($0.27). If the price turns down sharply from the 20-day EMA, the bears will strive to sink the ADA/USDT pair to the support line of the descending channel pattern. If the Cardano price rebounds off the support line with strength, it suggests that the pair may remain inside the channel for some more time.

The bulls will have to drive and maintain the price above the downtrend line to signal a potential short-term trend change.

Bitcoin Cash price prediction

Bitcoin Cash (BCH) has been witnessing a tough battle between the bulls and the bears at the $443 level.

The bulls are attempting a relief rally, but the bears are likely to halt any recovery attempt at the 20-day EMA ($478). If the Bitcoin Cash price turns down sharply from the 20-day EMA, it increases the likelihood of a break below the $443 level. 

If that happens, the BCH/USDT pair will complete a bearish head-and-shoulder pattern. That may start a downward move to $375.

Contrarily, a close above the 20-day EMA suggests that the selling pressure is reducing. The pair may then rally to the 50-day SMA ($525).