Crypto Technical Analysis Report | 28th February 2025
Bitcoins price slipped to $82,256 on Feb. 26, signaling that the crypto market is still facing headwinds. The decisive break, below the $90,000 support on Feb. 25, handed the advantage to the bears, leading to $937.9 million in outflows from US spot Bitcoin ETFs. Over three days, Bitcoin tumbled by $12,820, wiping out more than $1 billion in leveraged long positions. The sell-off coincided with US President Donald Trumps call for increased tariffs on imports from Canada and Mexico, prompting investors to shift toward long-term US Treasurys for safety. Even gold, a traditional hedge during uncertain times, declined by 2.2% over two days.
BTC-USDT Daily Chart:
BTC was trading sideways, in a range from $100,000 to $94,000, and was struggling to sustain above the $100K mark. The asset finally gave a breakout below the range, and also broke the long held support of $90,000. The price has corrected almost 25% from its all-time high of $109,558 to $82,256. BTC has a strong support at $80,000, whereas $90,000 will now act as a strong resistance.
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