Bitcoin’s $86K Plunge: Investors Panic Amid Emotional RSI Therapy 🤑
So, Bitcoin decided to audition for its role in *Extreme Market Crashes* this February. Yep, it pirouetted straight into multimonth lows and is now lounging around the $86,000 mark like a diva who forgot her lines. 🎭
Bitcoin’s February Meltdown: 13% Down and Counting 🍿
The data? Painful. CryptoMoon Markets Pro and TradingView are the snarky commentators in this financial therapy session, pointing out BTC/USD plummeting to $86,314 on Bitstamp. Last time Bitcoin visited these lows? November 2024—nostalgic times! Meanwhile, the Crypto Fear & Greed Index dialed it up to “Extreme Fear,” which sounds less like an indicator and more like my mood watching *sad movies*. 😱
Oh, and liquidations? A casual $1.5 billion in the past 24 hours. Bitcoin just devoured those long positions like it was on a liquid diet. 🥤
CoinGlass reports only a thin wafer of buyer interest hanging out in the $80k range. It’s like the Bitcoin safety net went on strike. Traders scrambled, probably Googling “how to reverse regret in life choices and markets.”
Crypto investor Alistair Milne chirped in, noticing that BTC had triggered its “oversold” signal using the RSI indicator, which dipped below 30. Oversold is the polite way of saying, “Bitcoin is crying on the bathroom floor right now.”
He actually tweeted this gem:
“Being oversold (or even close to) on the daily is one of the most reliable indicators of bottom/reversal territory. Only happens a handful of times per year.”
Translation? “We might be hitting rock bottom… unless we’re on an elevator to the center of the Earth.” 🌎
But wait, not all were jumping aboard the oversold optimism train. Trader SuperBro threw shade, warning that the bull market thesis might just receive its eviction notice soon. 🤷♀️
Bitcoin’s Whales: The Only Adults in the Room? 🐋
Bitcoin doing its crazy swings is nothing new. Testing sub-$90,000 levels seems to be its version of a teenager slamming doors—dramatic but predictable. In mid-January, it dipped briefly into $80,000 territory as some sort of weird performance art, only to bounce back above $89,200. Clara, pass me the popcorn! 🍿
Now, the area around $89,000 has become its favorite comfort zone. CryptoMoon even said the “newer” whales (those who’ve been in crypto for less than six months)—a term that feels suspiciously like a crypto dating profile description—have cost bases just below $90k. Apparently, whales like to hover around $89.2k like it’s their zen garden.
Market nerd Axel Adler Jr. from CryptoQuant said it outright: “The realized price of new whales = $89.2K, which is essentially the strongest support level for the current consolidation.” Cool, but could someone tell Bitcoin it’s not *actually* supposed to hover under $90k forever? 🙃
Order books suggest a potential reversal zone dead-on at $86,000. But let’s be real—Bitcoin’s as predictable as a dating app match sending a “Hey” and nothing else. Hang on to your hats, folks. 🍺
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2025-02-25 16:36