Willy Woo: BTC This Bear Market Cycle Saw an Early Stage Overshoot, Now Setting Up for a Rebound to $85K

March 8th: Per Onchain Lens monitoring, "buddy" deposited 90,188 USDC to Hyperliquid 10 minutes ago to top up their 25x-leveraged Ethereum long position, immediately adding 625 ETH to the long. Earlier, part of their long position was liquidated.

March 8: Hypersight data shows the "buddy" Ethereum long position was partially liquidated again 30 minutes ago. The 25x leveraged long now holds 2,500 ETH, with its liquidation price dropping to $1926. Total accumulated losses on Hyperliquid have reached $29.894 million.

**March 8 —** An Iranian Assembly of Experts member said a conference to elect the country’s Supreme Leader will take place within the next 24 hours, per Xinhua News Agency citing a March 7 message from Iran’s Islamic Revolutionary Guard Corps (IRGC). Ayatollah Muzafer, a member of the Assembly of Experts, noted current members are waiting for conditions to mature before carefully selecting the new Supreme Leader. He added no public announcement about the conference or election has been made so far, and urged the public not to trust rumors. In response, former U.S. President Donald Trump expressed hope to participate in choosing Iran’s next leader, saying he does not want the U.S. to “face the same issue every five or ten years.” Trump had previously stated on March 5 that he “must personally participate” in selecting Iran’s next leader. That day, he also rejected the son of Iran’s late Supreme Leader Ayatollah Ali Khamenei as a successor, declaring, “I must personally be involve

On March 8, the White House released President Trump’s U.S. Cybersecurity Strategy — marking the first time a U.S. cybersecurity strategy document explicitly mentions supporting the security of cryptocurrency and blockchain technologies. The strategy notes: “The United States will build secure technology and supply chains that protect user privacy end-to-end, from design through deployment — including the security of cryptocurrency and blockchain technologies that underpin these systems.”

March 8th — U.S. military operations in Iran sent oil prices surging, leaving Washington’s policy toolkit nearly depleted. Experts warn other U.S. measures will be negligible if the Strait of Hormuz doesn’t reopen quickly. Some experts have panned the Trump administration’s crisis management approach. Michael Alfaro, chief investment officer at energy and industrial hedge fund Gallo Partners, noted: “Many policy decisions or leaks from the government over the past 48 hours signal desperation to calm the oil market.” He added commodity prices will jump again if there’s no indication by Monday the Strait of Hormuz is set to reopen. But others have defended the White House’s strategy. Dan Brouillette, Trump’s first-term energy secretary, told the Financial Times the administration has a longer-term view than financial markets. “High oil prices are temporary,” he said. “Now is the time to oust this regime and end its decades-long extortion of the strait.” (Wall Street View)

Wall Street Journal reporter Nick Timiraos—often dubbed the “Fed Whisperer”—wrote in a March 8 article that the Federal Reserve has long feared being forced to choose between fighting inflation and protecting jobs. Friday’s jobs report brought this dilemma one step closer. Timiraos cited Neel Kashkari, president of the Minneapolis Fed and a voting member of this year’s Federal Open Market Committee (FOMC), who recently warned the current situation could be a “rerun” of the Russia-Ukraine conflict era. Kashkari cautioned the Fed not to repeat its 2021 mistake of labeling that year’s inflation spike as temporary. On the Fed’s next moves, Timiraos speculated: “Right now, Fed officials may just wait and see. Fed Chair Jerome Powell pushed for three rate cuts by the end of last year, but each cut sparked growing internal debate among the 12-member rate-setting committee. Officials have made clear they’re in no rush to adjust rates at this month’s meeting—even a month of worrying data