Bitcoin has fallen for six consecutive days, dropping from 99,475 to 82,256, a decrease of 17,000 points. After the theft on Bybit at 11 AM on the 21st, the market fell by several thousand points, and the prince reminded (the video was released earlier and is not synchronized with the article).
On 25/02/18, BTC maintained short-term fluctuations, and the rebound could not break out of the range, making a later correction unavoidable.
On 25/02/21, BTC broke through 99,000 as expected, facing pressure near the daily downtrend. Short-term attention should be paid to the risk of correction.
On 25/02/23, the largest hacking incident in history occurred, with BTC dropping nearly 5,000 points, and the U.S. stock market plummeted, posing a potential "black swan."
The Fear and Greed Index fell to a new low since July 2022, indicating that the market is in a state of extreme panic. Tariffs in Canada and Mexico took effect as scheduled, with claims of imposing a 25% tariff on the EU. Additionally, U.S. new home sales in January fell to a three-month low, further indicating signs of weak consumer demand.
The combination of tariff policies and poor consumption data has raised concerns about the economic growth outlook. Nvidia's fourth-quarter performance and current quarter guidance exceeded market expectations, alleviating concerns about its AI chip production and computing power demand.
The U.S. stock market remains the biggest risk, with all indices performing relatively weakly. The S&P 500 and Nasdaq rebounded but are still at pinning positions, while the Dow Jones is also at a pinning support level. All three indices show signs of breaking below the weekly Bollinger Bands' middle line, suggesting that Bitcoin is still in a short-term operation to short the rebound.
Bitcoin
The cryptocurrency market saw a sharp drop in Bitcoin, while Ethereum slowed down and altcoins did not follow much. Bitcoin is facing a rebound after a rapid decline, and I bought the dip this morning. Next, we will see a short-term second pinning or even a short-term drop to around 80,000, with a higher probability of a rebound.
On the daily chart, it faces the need to first fill the gap at 77,000 or to fill the gap at 95,000 upwards. If the price can stabilize above 86,500 in the short term, the probability of filling the 95,000 gap is high; if it cannot stabilize, it will need to drop further in the short term.
Support: Pressure:
Ethereum
The daily chart is still within the pinning range of February 3. Last night’s drop was only a few points lower than the low of the previous day. However, it cannot be considered stable unless it recovers above 2,400. The decline in Ethereum has weakened, so we need to wait for a pullback to confirm or break above 2,400.
Support: Pressure:
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