The Currency analytics
By Sydney TheCMO
Bitcoin jumped back over $76,800 after getting hammered down to $74,000 yesterday. The bounce came after some pretty brutal forced selling hit the market hard.
The whole crypto space took a beating this week. Bitcoin's down 13% over seven days, and that's got traders worried we might be heading into a real bear market.
Crypto analyst Doctor Profit changed his tune on where Bitcoin's cycle bottom might land. He cut his forecast down to somewhere between $54,000 and $44,000, which is way lower…
Doctor Profit saw something else that's got him spooked - a death cross pattern that looks just like what happened during the 2021-2022 crash.
Strategy's in a tough spot right now. Their average entry price sits around $76,000, so they're basically underwater on their Bitcoin position.
There's other weird stuff happening too.
Doctor Profit warned that outside factors could make things worse. He mentioned speculation about Epstein-related files potentially driving more fear and emotional selling.
Matrixport dropped some bad news about Bitcoin demand from traditional finance. Their latest report showed spot Bitcoin ETFs have been bleeding money for three months straight.
February 1st brought more bad news when Doctor Profit talked about leveraged Bitcoin investors getting squeezed.
Matrixport spotted a shift in how traditional financial institutions think about crypto on February 2nd.
The selloff hit more than just Bitcoin. Ethereum and other major cryptos got hammered too, which makes analysts think we might be looking at sector-wide problems.
Glassnode caught something interesting on February 2nd - Bitcoin exchange inflows surged as holders moved coins to exchanges.
Fidelity Digital Assets said on February 3rd that their institutional clients are backing away from Bitcoin.
Sentiment analysis firm Santiment tracked a spike in negative social media chatter about Bitcoin on February 4th.
Binance CEO Changpeng Zhao tried to calm nerves during a live Q&A on February 5th. Zhao said volatility "is not uncommon in the crypto space" and promised Binance would keep…