It was a fine day in the world of number crunching and wallet watching when the great Bitcoin (BTC), that elusive beast, slumped below the mystical barrier of $94,000 just as the Wall Street gates creaked open on February 24. Analysts, who are like weather forecasters but for imaginary money, noticed “interesting” wobbles among the institutional investor folk—those serious types with spectacles and more spreadsheets than friends. 🧐
Wall Street TWAP buying can’t stop BTC price dip
Meanwhile, amidst the clatter of keyboards and the silent despair of traders standing around the virtual water cooler, data from CryptoMoon Markets Pro and TradingView revealed the all-too-familiar sell pressure, like a persistent rain cloud at a picnic. BTC/USD—a crypto ticker that sounds suspiciously like a government agency—plummeted to $93,833 on Bitstamp, hitting lows not seen since February 18, just before recovering like a cat that’s knocked a glass off a table and tried to play it off. 🙀
Despite all this kerfuffle, the trading oracle known as Material Indicators unveiled a “clear” buying interest from an institutional bot, which—let’s face it—sounds like the name of a terrible sitcom. This bot decided it was time to grab some Bitcoin by making a series of smaller purchases, a tactic as clever as trying to hide a giraffe in a crowd of flamingos. 🎩
“The week is getting off to an interesting start,” they tweeted in a fit of digital bravado. “FireCharts shows BTC Asks with no intention of getting filled, like a buffet on a strict diet.”
“Meanwhile, our smallest order class (the orange one, because why not?) had a TWAP bot frantically buying $12M in Bitcoin in just 90 minutes on @binance. Now, that may not seem like the lunch money of a hedge fund to you, but it’s an epic treasure for that tiny order size, exponentially larger than what these little fellas usually trade in an entire day. Talk about overachieving!”
In another corner of the Twitterverse, the ever-popular trader CrypNuevo noted that, in a shocking twist, the market had munched away at bid liquidity. He speculated that this might mean some short-term relief—a bit like finding an old cookie at the back of the cupboard. “Now looking for a reaction from this area without knife catching (that’s just not good form), otherwise I’ll look to long lower at $92.5k,” he elucidated for his X followers, who were on the edge of their screens. 🍪
In the meantime, fellow trader Nebraskan Gooner (clearly a great name for someone who delights in cryptocurrencies) warned of potential doom, noting that the altcoin realm was looking rather underwhelming. “Typically when altcoins show this much weakness, $BTC takes the hint and joins the pity party. However, Bitcoin has been as stubborn as a mule at this key support level,” he concluded, sharing a chart that looked more complex than it needed to be, much like a family tree of fruit flies. 📉
“This is still my primary scenario to watch, but if we lose $95,500 support, I would get a lot more excited than a cat in a box.”
Bitcoin running out of time on monthly close
Finally, in the wise and distant land known as Rekt Capital, the oracle proclaimed a race against the clock for Bitcoin to consolidate itself before the monthly close. He gazed at the monthly chart, suggesting that several months spent meandering in circles needed a kick in the rear to show some strength before anyone took it seriously.
“The Bitcoin post-breakout retest of the Monthly Bull Flag has been wilder than a cat on a hot tin roof,” he stated with an air of certainty. 😺
“Bitcoin will need to Monthly Close above the Bull Flag top to confirm the breakout and set itself up for trend continuation over time. ~$96700 needs to hold, or else we might just need to grab the whiskey.”
At the time of this reporting, BTC/USD was down 6.2% month-to-date, making February 2025 about as cheerful for Bitcoin as a rainy Monday morning. This was Bitcoin’s weakest February since 2020 and only one of two “red” Februaries since 2013, proving that not every party can be a rager. 🎉
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2025-02-24 19:36