The Currency analytics
By Steven Anderson
Bitcoin crashed hard Sunday. The world's biggest cryptocurrency closed the week at $67,638 but couldn't hold that level, breaking through the crucial $65,650 support zone that…
Now trading around $64,600, Bitcoin faces serious trouble ahead. The next major support sits at $63,000, and if that breaks, things get pretty ugly fast.
Should Bitcoin somehow bounce back, it'll face a wall at $67,000 first. Above that, $72,000 and $74,500 become the next targets, but honestly, those seem like pipe dreams given…
The weekly chart looks terrible. Bitcoin tried to bounce from $60,000 recently but failed miserably.
Ethan Greene from Feral Analysis said on February 24 that the bearish trend could get way worse if these support levels keep cracking.
Trading volumes have exploded as investors scramble to adjust positions. CryptoCompare data shows activity surging as people react to these wild price swings.
Ethereum dropped below $1,800 too. The second-biggest crypto is following Bitcoin down, which means this isn't isolated weakness.
Major exchanges haven't said much. Binance and Coinbase have stayed quiet about the recent chaos, leaving traders to guess what might happen next.
The institutional crowd is also keeping quiet. Grayscale Investments and MicroStrategy, two of the biggest Bitcoin holders, haven't released any new statements about their…
But retail traders are definitely active. eToro reported a 15% jump in Bitcoin transactions compared to last week, according to a company spokesperson on February 25.
Blockchain data tells an interesting story though. Glassnode reported on February 24 that Bitcoin addresses with non-zero balances hit a new all-time high.
CoinDesk analysts think Bitcoin needs to reclaim $65,000 to stabilize, but they're not optimistic about any recovery lasting without institutional support.
February 27 brought more pressure as Bitcoin hovered around $62,000, testing what's left of its support structure.
Michael Saylor from MicroStrategy spoke up on February 26 during a webcast. He said his company stays committed to Bitcoin despite current market conditions, viewing it as a…
Fidelity Digital Assets told clients on February 27 that while short-term volatility is expected, their long-term Bitcoin outlook remains positive.