Bitcoin Meltdown 😬
- Bitcoin struggled as market sentiment worsened amid Trump’s tariffs and economic uncertainty.
- Massive liquidations and the Bybit hack intensify panic, erasing billions from crypto markets.
Well, wouldn’t you know it, the crypto market decided to have a bit of a wobble after a brief holiday from all the drama kicked off by old Donald’s tariff announcements on Canada and Mexico.
This followed Trump’s announcement to slap a 25% tariff on the European Union during his first cabinet meeting, you see.
Speaking at the first cabinet meeting on the 26th of February, Trump said,
“We have made a decision and we’ll be announcing it very soon. It’ll be 25 percent generally speaking, and that will be on cars and all other things.”
Current market condition for BTC
According to the latest data from CoinMarketCap, the global crypto market capitalization has declined by 3.61% in the past 24 hours, settling at $2.83 trillion.
Bitcoin [BTC], mirroring the broader market sentiment, is trading at $86,112.34 after a 3.01% drop, marking its third consecutive day of losses.
That being said, the leading cryptocurrency briefly plunged to $82,256—its lowest since 11th November 2024—before seeing a slight rebound.
However, market data indicates that further corrections may be on the horizon before stability returns.
These analysts believe…
Remarking on the same, independent market analyst Scott Melker posted the following chart and said,
“Bullish divergence with oversold RSI STILL very much in play. At the moment, RSI still is making a higher low. We need to see a clear “elbow up” on the next candle to confirm. Noting here yet.”
As Bitcoin teeters on the edge of the $80,000 range, market sentiment has significantly declined. The Crypto Fear & Greed Index has plunged to 10, its lowest level in a year, signaling “extreme fear.”
Traders remain divided on where Bitcoin may find a stable floor. Many anticipate a potential bottom between $80,000 and $71,000.
Meanwhile, data shared by Velo on X (formerly Twitter) paints a grim picture, marking Bitcoin’s worst three-day performance since 2022, accompanied by substantial capital outflows from spot BTC ETFs.
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2025-02-27 16:10