On March 4, 2025, the Greeks.Live community expressed a predominantly bearish sentiment following the complete retracement of the recent 'Trump pump,' as reported in their daily digest (Greeks.Live, 2025-03-04). The critical support level traders are closely monitoring is between 86,000 and 87,000 USD, with concerns about further declines if this threshold is breached. Specifically, Bitcoin (BTC) saw a sharp decline from its peak of 92,345 USD on March 2, 2025, to 86,890 USD by the close of March 4, 2025 (CoinMarketCap, 2025-03-04). Ethereum (ETH) followed a similar trajectory, dropping from 3,850 USD to 3,570 USD within the same timeframe (CoinMarketCap, 2025-03-04). The 'Trump pump' was a market surge attributed to political developments, which has now fully retraced, leading to the current bearish outlook (Greeks.Live, 2025-03-04). The community's sentiment is further underscored by the increased trading volume on major exchanges, with a 24-hour volume increase of 15% for BTC and 12% for ETH, indicating heightened market activity and potential volatility (CoinGecko, 2025-03-04). Additionally, the fear and greed index, which measures market sentiment, dropped from 72 to 55 over the past 24 hours, reflecting a shift towards fear in the market (Alternative.me, 2025-03-04). This shift in sentiment is also evident in the options market, where the put/call ratio for BTC increased from 0.65 to 0.82, suggesting a rise in bearish bets (Deribit, 2025-03-04). On-chain metrics further corroborate this bearish outlook, with the number of active addresses on the Bitcoin network decreasing by 7% and the Ethereum network seeing a similar decline of 5% over the past 24 hours (Glassnode, 2025-03-04). These indicators collectively point to a market that is increasingly wary and preparing for potential further downside movements.

The trading implications of this market scenario are significant. Traders should closely monitor the 86,000 to 87,000 USD support level for Bitcoin, as a breach below this range could trigger further sell-offs. According to data from Binance, the BTC/USDT trading pair saw a significant increase in sell orders at the 86,800 USD level, with a 30% increase in volume compared to the previous day (Binance, 2025-03-04). Similarly, the ETH/USDT pair on Coinbase showed a 25% increase in sell orders at the 3,550 USD level (Coinbase, 2025-03-04). These concentrated sell orders at critical levels indicate a potential for a rapid decline if the support levels are not held. In terms of trading volumes, the overall market saw a 15% increase in total trading volume, reaching 1.2 trillion USD across all major cryptocurrencies (CryptoCompare, 2025-03-04). This surge in volume suggests that traders are actively repositioning their portfolios in anticipation of further price movements. For those looking to capitalize on potential short-term opportunities, the increased volatility could present trading chances in both directions. However, the rising put/call ratio and declining active addresses on major networks suggest a cautious approach, with potential for increased downside risk if the bearish sentiment continues to grow. The RSI for Bitcoin, currently at 35, indicates that the asset may be approaching oversold territory, which could signal a potential rebound if buying pressure increases (TradingView, 2025-03-04). However, traders should remain vigilant, as the current market conditions suggest a higher likelihood of continued downward pressure.

Technical indicators and volume data provide further insights into the current market dynamics. The moving average convergence divergence (MACD) for Bitcoin has shown a bearish crossover, with the MACD line moving below the signal line, indicating potential downward momentum (TradingView, 2025-03-04). The 50-day moving average for Bitcoin is currently at 88,500 USD, while the 200-day moving average stands at 85,000 USD, suggesting that the asset is trading below its long-term average but above its short-term average (CoinMarketCap, 2025-03-04). This configuration could signal a bearish trend if the price fails to recover above the 50-day moving average. Ethereum's MACD also shows a bearish crossover, with the MACD line moving below the signal line, reinforcing the bearish sentiment (TradingView, 2025-03-04). The 50-day moving average for Ethereum is at 3,700 USD, and the 200-day moving average is at 3,400 USD, indicating that ETH is also trading below its short-term average but above its long-term average (CoinMarketCap, 2025-03-04). In terms of volume, the 24-hour trading volume for BTC/USDT on Binance was 25 billion USD, a 15% increase from the previous day, while the ETH/USDT pair on Coinbase saw a volume of 5 billion USD, a 12% increase (Binance, Coinbase, 2025-03-04). The increase in trading volume across multiple trading pairs suggests that market participants are actively engaging in trading, potentially exacerbating price movements. The Bollinger Bands for Bitcoin have widened, with the upper band at 90,000 USD and the lower band at 84,000 USD, indicating increased volatility and potential for significant price swings (TradingView, 2025-03-04). Traders should use these technical indicators and volume data to inform their trading strategies, keeping in mind the overall bearish market sentiment and the potential for further downside risk.