Ah, Bitcoin. The digital currency that’s more volatile than my Aunt Edna after a few too many gin and tonics. Analysts are now warning that our beloved BTC might just take a nosedive to $81,000, all thanks to ETF outflows and a market that seems to be as stable as a one-legged man in a butt-kicking contest.
On February 25, Bitcoin decided to play hide and seek, falling to a three-month low of $87,629. It lost the $90,000 psychological support line faster than I lose my willpower in front of a chocolate cake. According to CryptoMoon Markets Pro, this is the first time since January 13 that Bitcoin has been this low.
Ryan Lee, the chief analyst at Bitget Research, claims that the current sell-off is due to a waning risk appetite among crypto investors. I mean, who wouldn’t be cautious when your investment can drop faster than a toddler’s ice cream cone?
Without any positive news to cling to, Lee suggests that Bitcoin could plummet to $81,000. He elaborated, “Bitcoin price is moving in the consolidation range, with a drop to $89,000 level the bears are pulling back beyond its support levels. The next support levels of around $86,000 and $81,000 can be tested if bearish behavior continues.” Sounds like a fun rollercoaster ride, doesn’t it? 🎢
And just when you thought it couldn’t get worse, Michael Saylor’s Strategy threw another $2 billion into Bitcoin shortly after raising $2 billion in a senior convertible note offering. It’s like watching someone throw money into a wishing well, hoping for a miracle.
But wait, there’s more! Bitcoin’s fate hangs on the precarious $85,000 support level. If it breaks below that, we could see over $1 billion worth of leveraged long liquidations across all exchanges. CoinGlass data shows that this is no small potatoes.
Hong Yea, co-founder and CEO of hybrid crypto exchange GRVT, chimed in with, “The $85,000 level is crucial — if BTC breaks below this support, it could trigger further declines.” Thanks, Hong, for the pep talk. I feel so much better now. 😬
And let’s not forget last week’s $1.4 billion Bybit hack, which was like the cherry on top of this disaster sundae. It dealt a critical blow to the market, but don’t worry, its impact is “unlikely to last long.” Just like my New Year’s resolutions.
Bitcoin’s decline is also linked to a wave of selling in US spot Bitcoin ETFs, which saw more than $516 million in net outflows on February 24 alone. That’s right, folks, six consecutive days of selling. It’s like a clearance sale, but instead of clothes, it’s your hopes and dreams.
In the six days since the ETFs began their selling spree on February 18, Bitcoin’s price has plummeted by over 7%. So, if you’re holding onto Bitcoin, just remember: it’s not you, it’s the market.
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2025-02-25 16:50